United States
Securities and Exchange Commission
Washington, D.C. 20549
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
Investment Company Act file number: 811-23149
Thrivent Core Funds
(Exact name of registrant as specified in charter)
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Address of principal executive offices) (Zip code)
John D. Jackson, Secretary and Chief Legal Officer
Thrivent Core Funds
901 Marquette Avenue, Suite 2500
Minneapolis, Minnesota 55402-3211
(Name and address of agent for service)
Registrant’s telephone number, including area code: (612) 844-7190
Date of fiscal year end: October 31
Date of reporting period: October 31, 2021
Item 1. Report to Stockholders
[Insert shareholder report]
Item 2. Code of Ethics
As of the end of the period covered by this report, registrant has adopted a code of ethics (as defined in Item 2 of Form N-CSR) applicable to registrant’s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. No waivers were granted to such code of ethics during the period covered by this report. A copy of this code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
Registrant’s Board of Trustees has determined that Robert J. Chersi, an independent trustee, is the Audit Committee Financial Expert.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees
The aggregate fees billed by registrant’s independent public accountants, PricewaterhouseCoopers LLP (“PwC”), for each of the last two fiscal years for professional services rendered in connection with the audit of registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $101,450 for the year ended October 31, 2020 and $104,500 for the year ended October 31, 2021.
(b) Audit-Related Fees
The aggregate fees PwC billed to registrant for each of the last two fiscal years for assurance and other services that are reasonably related to the performance of registrant’s audit and are not reported under Item 4(a) were $0 for the year ended October 31, 2020 and $0 for the year ended October 31, 2021. The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for assurance and other services directly related to the operations and financial reporting of registrant were $0 for the year ended October 31, 2020 and $0 for the year ended October 31, 2021.
(c) Tax Fees
The aggregate tax fees PwC billed to registrant for each of the last two fiscal years for tax compliance, tax advice and tax planning services were $26,448 for the year ended October 31, 2020 and $31,920 for the year ended October 31, 2021. These fees include payments for tax return compliance services, excise distribution review services and other tax related matters. The aggregate tax fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for services directly related to the operations and financial reporting of registrant were $0 for the year ended October 31, 2020 and $0 for the year ended October 31, 2021.
(d) All Other Fees
The aggregate fees PwC billed to registrant for each of the last two fiscal years for products and services provided, other than the services reported in paragraphs (a) through (c) of this item, were $0 for the years ended October 31, 2020 and October 31, 2021. The aggregate fees PwC billed to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for products and services provided, other than the services reported in paragraphs (a) through (c) of this item, were $3,600 for the year ended October 31, 2020 and $3,600 for the year ended October 31, 2021. The 2020 and 2021 payments were for access to a PwC-sponsored online library that provides interpretive guidance regarding U.S. and foreign accounting standards. These figures are also reported in response to item 4(g) below.
(e) Registrant’s audit committee charter provides that the audit committee (comprised of the independent Trustees of registrant) is responsible for pre-approval of all auditing services performed for the registrant. The audit committee also is responsible for pre-approval (subject to the de minimis exceptions for non-audit services described in Section 10A(i)(1)(B) of the Securities Exchange Act of 1934) of all non-auditing services performed for the registrant or an affiliate of registrant. In addition, registrant’s audit committee charter permits a designated member of the audit committee to pre-approve, between meetings, one or more audit or non-audit service projects, subject to an expense limit and notification to the audit committee at the next committee meeting. Registrant’s audit committee pre-approved all fees described above that PwC billed to registrant.
(f) Less than 50% of the hours billed by PwC for auditing services to registrant for the fiscal year ended October 31, 2021 were for work performed by persons other than full-time permanent employees of PwC.
(g) The aggregate non-audit fees billed by PwC to registrant and to registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser for the fiscal years ending October 31, 2020 and October 31, 2021 were $3,600 and $3,600 respectively. These figures are also reported in response to item 4(d) above.
(h) Registrant’s audit committee has considered the non-audit services provided to the registrant and registrant’s investment adviser and any entity controlling, controlled by, or under common control with registrant’s investment adviser as described above and determined that these services do not compromise PwC’s independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a)
Registrant’s Schedule of Investments is included in the report to shareholders filed under Item 1.
(b)
Not applicable to this filing.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to registrant’s board of trustees implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures
(a) Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(b) There were no changes in registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable
Item 13. Exhibits
(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: See EX-99.CODE attached hereto.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
(a)(4) Change in the registrant’s independent public accountant: Not applicable
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See EX-99.906CERT attached hereto.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: December 29, 2021 Thrivent Core Funds
By: /s/ David S. Royal
�� David S. Royal
President and Chief Investment Officer
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Date: December 29, 2021 By: /s/ David S. Royal
David S. Royal
President and Chief Investment Officer
(principal executive officer)
Date: December 29, 2021 By: /s/ Gerard V. Vaillancourt
Gerard V. Vaillancourt
Treasurer and Principal Accounting Officer
(principal financial officer)
Annual
Report
October
31,
2021
Thrivent
Core
Funds
Table
of
Contents
Portfolio
Perspectives
Thrivent
Core
Emerging
Markets
Debt
Fund
2
Thrivent
Core
Emerging
Markets
Equity
Fund
4
Thrivent
Core
International
Equity
Fund
6
Thrivent
Core
Low
Volatility
Equity
Fund
8
Thrivent
Core
Short-Term
Reserve
Fund
10
Shareholder
Expense
Example
12
Report
of
Independent
Registered
Public
Accounting
Firm
13
Schedule
of
Investments
Thrivent
Core
Emerging
Markets
Debt
Fund
15
Thrivent
Core
Emerging
Markets
Equity
Fund
22
Thrivent
Core
International
Equity
Fund
31
Thrivent
Core
Low
Volatility
Equity
Fund
39
Thrivent
Core
Short-Term
Reserve
Fund
42
Statement
of
Assets
and
Liabilities
50
Statement
of
Operations
52
Statement
of
Changes
in
Net
Assets
54
Notes
to
Financial
Statements
56
Financial
Highlights
68
Additional
Information
70
Board
of
Trustees
and
Officers
71
Thrivent
Core
Emerging
Markets
Debt
Fund
2
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
James
B.
Carlen,
CFA,
Portfolio Manager
The
Fund
seeks
to
maximize
total
return
while
providing
high
current
income
and
capital
appreciation.
The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Core
Emerging
Markets
Debt Fund
involves
risks
including emerging
markets,
sovereign
debt,
foreign
securities,
credit,
interest
rate,
market,
LIBOR,
high
yield,
investment
adviser,
issuer,
derivatives,
liquidity,
ETF,
non-diversified,
and
health
crisis risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the
12-month
period
ended
October
31,
2021?
Thrivent
Core
Emerging
Markets
Debt
Fund
earned
a
return
of
3.38%,
compared
with
its
market
benchmarks,
the
Bloomberg
EM
USD
Aggregate
Index
and
the
JP
Morgan
EMBI
Global
Diversified
Index,
which
earned
returns
of
3.01%
and
4.41%,
respectively.
The
JP
Morgan
EMBI
Global
Diversified
Index
became
the
market
benchmark
for
the
Fund
starting
March
31,
2021.
What
factors
affected
the
Fund’s
performance?
During
the
reporting
period,
we
witnessed
heightened
market
volatility
and
significant
swings
in
performance.
The
emerging
market
(EM)
debt
sector
rallied
twice
and
sold
off
twice,
resulting
in
a
positive
but
somewhat
modest
return
relative
to
other
risk
sectors.
U.S.
Treasury
rates
were
an
important
headwind
for
the
segment
with
the
10-year
Treasury
bond
yield
increasing
by
67
basis
points
during
the
period
to
end
at
1.55%.
Sector
spreads
tightened
during
the
year,
offsetting
most
of
the
impact
from
rising
Treasury
yields.
Four
key
factors
impacted
EM
debt
sector
performance
during
the
period,
including
the
trajectory
of
developed
market
(DM)
stimulus,
the
effects
of
COVID
dynamics
on
economic
growth,
the
response
of
EM
debt
policies
to
the
post-emergency
world,
and
the
level
of
access
to
international
capital
markets.
Continuing
a
well-worn
pattern,
the
global
backdrop
was
a
key
source
of
uncertainty
for
EM
debt.
The
pandemic
generated
questions
about
the
effectiveness
and
durability
of
DM
monetary
and
fiscal
stimulus
to
act
as
a
bridge
until
vaccinations
hit
a
critical
mass
and
global
growth
was
self-sustaining.
The
emergence
of
the
Delta
variant
short-circuited
the
expected
summertime
recovery,
which
elevated
the
importance
of
full
vaccination
rates
for
a
return
to
economic
normalcy.
Because
most
EM
countries
started
later
and
proceeded
slower
in
their
vaccination
campaigns
due
to
resource
constraints,
the
economic
impact
of
the
Delta
variant
was
more
acute
in
the
EM
sector.
The
varying
structures
of
EM
economies
also
played
a
bigger
role
in
determining
relative
winners
and
losers
from
the
pandemic.
Countries
with
a
strong
focus
on
commodity
exports
performed
relatively
better,
especially
in
light
of
the
boom
in
commodity
prices.
However,
EM
countries
more
focused
on
manufacturing
were
hurt
by
continued
supply
chain
problems,
while
those
that
rely
on
tourism
experienced
even
more
uneven
growth.
A
key
question
that
became
more
salient
toward
the
end
of
the
period
was
how
EM
economies
adjust
to
this
new
normal.
Most
EM
economies
suffered
a
large
drop
in
economic
output
and
took
fiscal
steps
to
counter
the
humanitarian
impact
of
large
swaths
of
their
economies
shutting
down.
However,
this
resulted
in
material
increases
to
their
public
debt
levels,
which
in
many
cases
were
already
problematic.
Going
forward,
we
will
watch
carefully
to
see
which
EM
countries
can
effectively
begin
the
process
of
fiscal
adjustment
and
accelerating
growth
to
make
their
debt
load
manageable
and
which
may
need
to
undertake
some
version
of
debt
restructuring.
Efforts
by
the
International
Monetary
Fund
(IMF)
to
provide
resources
to
struggling
EM
economies,
first
through
its
Rapid
Financing
Instrument
in
2020
and
then
through
its
Special
Drawing
Rights
(SDR)
allocation
in
August
2021,
have
played
a
vital
role
for
the
EM
sector
over
the
past
two
years.
Going
forward,
the
role
of
the
IMF
and
the
other
international
financial
institutions
will
remain
important
for
EM
funding,
but
the
intensity
and
magnitude
of
the
recent
engagement
is
not
sustainable.
The
reaction
of
international
capital
markets
to
recent
large
EM
debt
issuance
has
reinforced
the
message
that
these
economies
need
a
period
of
fiscal
retrenchment
to
reduce
their
presence
in
the
market
as
many
of
the
weaker
EM
countries
came
into
the
pandemic
with
already
compromised
balance
sheets.
During
the
period,
the
Fund
outperformed
its
Bloomberg
benchmark
mainly
due
to
overweightings
in
Petroleos
Mexicanos
(Pemex),
the
Dominican
Republic,
Ivory
Coast,
Oman,
and
Ghana
and
underweightings
in
Panama,
Peru,
and
the
Philippines.
The
Fund
underperformed
the
new
JP
Morgan
EMBI
benchmark.
Detractors
included
underweightings
in
Ecuador,
Sri
Lanka,
Lebanon,
and
Zambia.
What
is
your
outlook?
Recent
EM
volatility
in
lower-rated
sovereigns
has
created
some
pockets
of
value
in
the
asset
class,
although
aggregate
spreads
in
the
sector
look
only
modestly
wider
than
fair
value.
The
U.S.
Federal
Reserve’s
tapering
of
its
monthly
asset
purchases
remains
an
important
overhang
on
the
EM
sector.
However,
if
inflation
proves
transitory
and
supply
shocks
abate,
we
could
see
a
solid
period
of
risk
taking
that
propels
the
sector.
EM
fundamentals
are
mixed
with
some
important
issuers
addressing
their
long-delayed
fiscal
and
structural
issues,
while
others
are
at
risk
of
joining
the
list
of
defaulters
if
global
growth
does
not
accelerate
and
they
do
not
implement
delayed
adjustments.
We
will
continue
to
carefully
monitor
exposures
to
sectors
that
will
recover
more
gradually
from
the
pandemic
such
as
tourism
and
other
cross
border
services.
Nonetheless,
we
see
some
stable-to-improving
country
stories
where
the
Fund
remains
overweighted
such
as
the
Dominican
Republic,
Ivory
Coast,
and
Oman.
Global
DM
monetary
policy
remains
neutral,
although
it
could
become
more
of
a
headwind
further
into
2022.
On
a
valuation
basis,
we
believe
EM
debt
looks
a
bit
cheap
to
fair
value
and
in
particular
looks
attractive
relative
to
other
risk
sectors.
3
Major
Market
Sectors
(%
of
Net
Assets)
Foreign
Government
78.3%
Energy
11.4%
Utilities
4.1%
Communications
Services
1.2%
Unaffiliated
Registered
Investment
Companies
0.9%
Basic
Materials
0.7%
Financials
0.5%
Capital
Goods
0.2%
Transportation
0.2%
Consumer
Non-Cyclical
0.2%
Top
10
Countries
(%
of
Net
Assets)
Mexico
6.2%
Indonesia
5.1%
Qatar
4.5%
Egypt
4.4%
Saudi
Arabia
4.1%
Turkey
3.8%
Dominican
Republic
3.7%
Oman
3.7%
Colombia
3.4%
Chile
3.3%
Investments
in
securities
in
these
countries
represent
42.2%
of
the
total
net
assets
of
the
Fund.
Bond
quality
ratings
are
obtained
from
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
and
Standard
&
Poor’s
Ratings
Services
(“S&P”).
If
Moody’s
and
S&P
have
assigned
different
ratings
to
a
security,
the
lowest
rating
for
the
security
is
used.
Ratings
from
S&P,
when
used,
are
converted
into
their
equivalent
Moody’s
ratings.
Not
rated
may
include
cash.
Investments
in
derivatives
and
short-term
investments
are
not
reflected
in
the
table.
Quoted
Bond
Quality
Ratings
Distributions,
Major
Market
Sectors
and
Top
10
Countries
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
Bond
Quality
Ratings
Distributions
exclude
collateral
held
for
securities
loaned.
Average
Annual
Total
Returns
1
As
of
October
31,
2021
1-
Year
From
Inception
9/5/2017
3.38%
3.74%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
Bloomberg
EM
USD
Aggregate
Index
is
a
hard
currency
Emerging
Markets
debt
benchmark
that
includes
USD
denominated
debt
from
sovereign,
quasi-sovereign,
and
corporate
EM
issuers.
**
JP
Morgan
EMBI
Global
Diversified
Index
is
an
unmanaged,
market-capitalization
weighted,
total-return
index
tracking
the
traded
market
for
U.S.
–
dollar
–
denominated
Brady
bonds,
Eurobonds,
traded
loans,
and
local
market
debt
instruments
issued
by
sovereign
and
quasi-sovereign
entities.
***
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
hous-
ing,
electricity,
food
and
transportation.
Thrivent
Core
Emerging
Markets
Equity
Fund
4
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Noah
J.
Monsen,
CFA
and
Brian
W.
Bomgren,
CQF,
Portfolio Co-Managers
The
Fund
seeks
long-term
capital
appreciation.
The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Core
Emerging
Markets
Equity Fund
involves
risks
including emerging
markets,
foreign
securities,
quantitative
investing,
equity
security,
market,
regional,
foreign
currency,
issuer,
investment
adviser,
technology-oriented
companies,
ETF,
derivatives,
non-diversified,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the 12-month
period ended
October
31,
2021?
Thrivent
Core
Emerging
Markets
Equity
Fund
earned
a
return
of
15.05%,
compared
with
the
return
of
its
market
benchmark,
the
MSCI
Emerging
Markets
Index
(USD
Net
Returns),
of
16.96%.
What
factors
affected
the
Fund’s
performance?
The
year
began
with
the
release
of
the
first
large-scale
COVID-19
vaccine
trial
data
in
November
2020,
which
ignited
risk
appetites
in
markets.
Since
the
beginning
of
the
pandemic,
market
sentiment
closely
followed
changes
in
the
public
health
outlook
caused
by
the
ebbs
and
flows
of
the
virus
in
different
regions.
In
most
developed
markets,
this
meant
that
market
performance
was
consistent
with
broad
economic
recovery
but
punctuated
with
periods
of
high
risk
aversion
that
coincided
with
surges
in
virus
cases.
However,
in
emerging
markets
(EM),
the
economic
recovery
had
varying
effects
on
countries
depending
on
the
drivers
of
their
economies.
The
Energy
and
Materials
sectors
produced
among
the
highest
returns
over
the
period,
which
was
reflected
in
the
high
returns
of
EM
countries
with
significant
mining
and
energy
presence,
such
as
Russia
and
Saudi
Arabia.
Pandemic
case
rates
and
the
effectiveness
of
government
actions
also
helped
to
differentiate
country
returns.
Many
South
American
countries
lagged,
especially
Brazil,
while
nations
that
saw
more
success
in
combatting
the
virus
performed
better,
such
as
South
Korea
and
Taiwan.
China
experienced
negative
stock
market
returns,
largely
due
to
concerns
over
domestic
issues.
Industries
like
education
came
under
government
scrutiny,
calling
into
question
the
future
profitability
of
firms
in
those
industries.
Also,
the
government’s
assertion
to
access
data
of
the
largest
technology
platform
providers
became
a
risk
for
many
of
China’s
most
valuable
companies.
Finally,
financial
troubles
at
one
of
China’s
largest
real
estate
developers
increased
risks
to
that
sector
after
many
years
of
debt-financed
growth.
Together
these
factors
overwhelmed
the
strong
global
economic
recovery
to
produce
negative
stock
market
returns
in
China.
As
a
result,
security
selection
in
China
was
primarily
responsible
for
the
Fund’s
shortfall
versus
the
benchmark
during
the
period.
The
underperformance
was
concentrated
in
China’s
consumer
sectors,
and
more
specifically
in
the
Internet
and
Direct
Marketing
Retail
industry
(Alibaba)
as
well
as
education
stocks
that
were
the
subject
of
Chinese
government
intervention.
On
the
other
hand,
country
allocation
contributed
significantly
to
performance,
particularly
the
Fund’s
underweighting
in
China
and
overweighting
in
India.
Factor
exposures
also
benefited
the
Fund’s
results,
mainly
through
the
momentum
and
profitability
factors.
The
Fund
uses
equity
index
futures
to
manage
cash
flows
and
maintain
consistent
market
exposure.
Use
of
these
derivatives
did
not
materially
impact
the
Fund’s
returns.
What
is
your
outlook?
We
expect
the
current
economic
recovery
to
continue
while
moderating
from
the
extraordinary
pace
of
growth
over
the
past
year.
However,
economic
optimism
may
be
tempered
somewhat
by
concern
over
inflation.
We
see
a
risk
that
these
inflationary
pressures
could
cause
interest
rates
to
rise,
which
would
likely
be
a
headwind
for
equity
returns
and
precipitate
an
increase
in
volatility
in
the
coming
year.
Specific
to
EM,
the
prospect
of
higher
U.S.
interest
rates
could
continue
to
put
upward
pressure
on
the
U.S.
dollar
relative
to
EM
currencies.
This
would
be
a
drag
on
returns
for
U.S.-based
investors
and
could
exacerbate
inflationary
pressures
in
EM
countries.
Under
these
conditions,
we
expect
value
stocks
to
continue
to
perform
well,
albeit
not
at
the
extreme
level
of
outperformance
from
the
past
year.
We
do
not
expect
growth
factors
to
aid
significantly
in
stock
selection,
and
if
interest
rates
begin
to
rise
materially,
yield-derived
factors
such
as
dividend
yield
may
perform
poorly
as
well.
Our
outlook
for
low
volatility
as
an
equity
factor
is
close
to
neutral,
and
we
do
not
anticipate
as
large
of
a
dispersion
between
high-volatility
and
low-volatility
stocks.
5
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
99.6%
Preferred
Stock
0.3%
Short-Term
Investments
0.1%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
23.0%
Financials
17.6%
Consumer
Discretionary
16.8%
Materials
9.3%
Communications
Services
8.9%
Health
Care
5.5%
Energy
5.1%
Consumer
Staples
4.3%
Industrials
4.2%
Utilities
2.7%
Top
10
Countries
(%
of
Net
Assets)
China
18.1%
Taiwan
16.0%
Cayman
Islands
14.3%
India
13.9%
South
Korea
11.4%
Russian
Federation
4.1%
Saudi
Arabia
3.5%
Brazil
3.5%
South
Africa
2.9%
Mexico
1.6%
Investments
in
securities
in
these
countries
represent
89.3%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Countries
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
Average
Annual
Total
Returns
1
As
of
October
31,
2021
1-Year
From
Inception
1/31/2020
15.05%
10.55%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
MSCI
Emerging
Markets
Index-USD
Net
Returns
is
a
modified
capitalization-weighted
index
of
selected
emerging
economies
from
around
the
world.
The
performance
of
the
Index
reflects
dividends
reinvested
after
the
deduction
of
withholding
taxes.
**
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
hous-
ing,
electricity,
food
and
transportation.
Thrivent
Core
International
Equity
Fund
6
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Noah
J.
Monsen,
CFA
and
Brian
W.
Bomgren,
CQF,
Portfolio
Co-Managers
The Fund
seeks
long-term
capital
appreciation.
The
Fund's
investment
objective
may
be
changed
without
shareholder
approval.
Investment
in
Thrivent
Core
International
Equity
Fund
involves
risks
including equity
security,
foreign
securities,
quantitative
investing,
foreign
currency,
market,
regional, issuer,
investment
adviser,
large
cap,
mid
cap,
small
cap,
portfolio
turnover
rate,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the
12-month
period
ended
October
31,
2021?
Thrivent
Core
International
Equity
Fund
earned
a
return
of
37.77%,
compared
with
the
return
of
its
market
benchmark,
the
MSCI
World
Ex-
USA
Index
(net),
of
35.59%.
What
factors
affected
the
Fund’s
performance?
As
the
period
got
underway,
the
global
economy
was
rebounding
from
a
steep,
but
short-lived
recession
caused
by
the
COVID-19
pandemic.
The
recovery
was
fueled
by
massive
amounts
of
stimulus
from
the
Federal
Reserve
(Fed)
and
other
central
banks,
and
government
spending,
as
well
as
positive
news
about
the
efficacy
of
vaccines
announced
in
November
2020,
which
led
to
economic
re-openings.
The
vaccine
announcements
also
sparked
a
risk-on
market
and
led
equities
to
perform
very
well
throughout
the
Fund’s
fiscal
year.
As
the
period
ended,
stronger
growth
and
employment
figures
and
rising
inflation
caused
the
Fed
to
begin
tapering
its
monthly
asset
purchases
while
moving
up
the
estimated
timeline
for
rate
increases
to
2022.
With
this
backdrop,
value
stocks
and
highly
leveraged
stocks
produced
strong
results.
Cyclical
stocks
also
outperformed
led
by
the
Energy
and
Financial
sectors,
while
the
more
defensive
Utilities,
Consumer
Staples,
and
Health
Care
sectors
were
the
period’s
weakest
performers.
A
number
of
highly
speculative
securities
and
assets
also
saw
outsized
returns,
including
several
heavily
shorted
stocks,
crypto
currencies,
and
special-purpose
acquisition
companies
(SPACs).
In
addition,
stocks
with
more
price
and
earnings
volatility
outperformed
lower-volatility
stocks.
Meanwhile,
growth
stocks,
which
have
enjoyed
a
lengthy
period
of
market
leadership,
underperformed
as
did
more
profitable
companies.
In
Europe
and
Asia,
dynamics
were
similar
to
the
U.S.
market
except
that
price
momentum,
which
involves
buying
past
winners
and
selling
past
losers,
was
a
much
more
significant
detractor
and
short
stocks
didn’t
come
into
play.
In
Japan,
stocks
with
high
dividend
yields
and
financial
leverage
performed
well,
while
stocks
with
more
price
momentum
and
profitability
lagged.
Our
team
uses
a
quantitative
approach
to
select
securities
that
focuses
on
emphasizing
certain
factors
in
the
markets
that
we
believe
will
outperform.
During
the
period,
stock
selection
was
the
primary
driver
of
the
Fund’s
outperformance
versus
its
benchmark,
particularly
in
the
Industrial,
Communication
Services,
and
Consumer
Staples
sectors.
The
Fund
also
experienced
positive
results
from
country,
sector,
and
industry
allocations,
which
offset
a
negative
overall
impact
from
style
factors.
In
particular,
the
Fund’s
underweighted
position
in
Hong
Kong,
which
was
pulled
down
by
China’s
troubles,
was
the
biggest
single
country
contributor.
Other
country
contributions
were
small
but
added
up
to
meaningful
outperformance.
In
terms
of
sector
allocations,
underweighted
positions
in
both
Utilities
and
Consumer
Staples
benefited
results
the
most.
Two
style
factors
weighed
on
results
versus
the
benchmark
including
the
Fund’s
underweighting
in
value
stocks
and
overweighting
in
low-volatility
stocks,
which
did
not
perform
well
in
the
risk-on
market.
Stock
selection
was
also
weak
in
Financials,
Real
Estate,
and
Utilities.
We
continued
to
employ
derivatives
to
rebalance
equity
exposures
to
the
Fund’s
tactical
targets,
which
positively
impacted
results.
What
is
your
outlook?
Barring
an
unexpected
resurgence
of
the
COVID-19
pandemic,
we
expect
the
current
economic
recovery
to
continue
while
moderating
from
the
extraordinary
pace
of
growth
over
the
past
year.
We
anticipate
corporate
earnings
growth
to
slow
to
a
level
more
consistent
with
long-term
averages.
Economic
optimism
may
be
tempered
somewhat
by
concern
over
inflation
as
high
demand
for
goods
and
services
has
been
met
with
disrupted
supply
chains
and
firms’
inability
to
hire
enough
workers
to
keep
pace
with
demand.
We
see
a
risk
that
these
inflationary
pressures
could
cause
interest
rates
to
rise,
which
would
likely
be
a
headwind
for
equity
returns
and
precipitate
an
increase
in
volatility
in
the
coming
year.
Under
these
conditions,
we
expect
value
stocks
to
continue
to
perform
well,
albeit
not
at
the
extreme
level
of
outperformance
from
this
past
year.
While
economic
growth
remains
fairly
robust,
we
do
not
expect
growth
factors
to
aid
significantly
in
stock
selection.
If
interest
rates
begin
to
rise
materially,
yield-derived
factors
such
as
dividend
yield
may
perform
poorly
as
well.
Our
outlook
for
low
volatility
as
an
equity
factor
is
close
to
neutral,
and
we
do
not
anticipate
as
large
of
a
dispersion
between
high-volatility
and
low-volatility
stocks
as
was
the
case
in
the
past
year.
Going
forward,
factor
exposures
should
continue
to
drive
the
investment
process
for
this
Fund.
Our
focus
remains
on
finding
international
equities
from
profitable
companies
with
attractive
valuations,
positive
price
momentum,
low
volatility,
and
high
earnings
quality.
Industry
and
country
weightings
will
continue
to
be
driven
by
the
companies
we
own
based
on
the
factors
we
are
emphasizing.
The
Fund’s
small-
cap
exposure,
while
still
an
overweighting,
is
significantly
lower
than
the
previous
performance
period
for
risk
management
purposes.
7
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
99.4%
Short-Term
Investments
0.3%
Preferred
Stock
0.3%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Financials
17.5%
Industrials
17.3%
Health
Care
13.1%
Information
Technology
10.9%
Consumer
Discretionary
9.2%
Consumer
Staples
7.2%
Materials
7.1%
Energy
6.8%
Communications
Services
6.3%
Real
Estate
2.6%
Top
10
Countries
(%
of
Net
Assets)
Japan
20.4%
Canada
11.2%
Switzerland
10.9%
United
Kingdom
9.7%
France
7.8%
Australia
7.4%
Germany
6.5%
Netherlands
6.4%
Denmark
4.0%
Sweden
3.7%
Investments
in
securities
in
these
countries
represent
88.0%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors,
and
Top
10
Countries
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
Countries
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
Average
Annual
Total
Returns
1
As
of
October
31,
2021
1-Year
From
Inception
11/14/2017
37.77%
5.87%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
MSCI
World
Ex-USA
Index
(Net)
is
an
index
which
captures
large
and
mid
cap
representation
across
22
of
23
Developed
Markets
countries,
ex-
cluding
the
United
States
**
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
hous-
ing,
electricity,
food
and
transportation.
Thrivent
Core
Low
Volatility
Equity
Fund
8
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Noah
J.
Monsen,
CFA
and
Brian
W.
Bomgren,
CQF,
Portfolio Co-Managers
The
Fund
seeks
to
provide
long-term
capital
appreciation
with
lower
volatility
relative
to
the
domestic
equity
market.
The
Fund's
investment
objective
may be
changed without
shareholder
approval.
Investment
in
Thrivent
Core
Low
Volatility
Equity
Fund
involves
risks
including equity
security,
quantitative
investing,
market,
issuer,
investment
adviser,
large
cap,
mid
cap,
small
cap,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
How
did
the
Fund
perform
during
the
12-month
period
ended
October
31,
2021?
Thrivent
Core
Low
Volatility
Equity
Fund
earned
a
return
of
31.84%,
compared
with
the
return
of
its
market
benchmark,
the
MSCI
USA
Minimum
Volatility
Index
(USD),
of
27.37%.
What
factors
affected
the
Fund’s
performance?
As
the
period
got
underway,
the
U.S.
economy
was
rebounding
from
its
steepest,
but
shortest-lived
recession
in
modern
history
caused
by
the
COVID-19
pandemic.
The
recovery
was
fueled
by
massive
amounts
of
Federal
Reserve
(Fed)
stimulus
and
government
spending,
as
well
as
positive
news
about
the
efficacy
of
vaccines
announced
in
November
2020,
which
led
to
economic
re-openings.
The
vaccine
announcements
also
sparked
a
risk-on
market
and
led
equities
to
perform
very
well
throughout
the
Fund’s
fiscal
year.
As
the
period
ended,
stronger
growth
and
employment
figures
and
rising
inflation
caused
the
Fed
to
begin
tapering
its
monthly
asset
purchases
while
moving
up
the
estimated
timeline
for
rate
increases
to
2022.
With
this
backdrop,
value
stocks
and
highly
leveraged
stocks
produced
strong
results.
Cyclical
stocks
also
outperformed
led
by
the
Energy
and
Financial
sectors,
while
the
more
defensive
Utilities,
Consumer
Staples,
and
Health
Care
sectors
were
the
period’s
weakest
performers.
A
number
of
highly
speculative
securities
and
assets
also
saw
outsized
returns,
including
several
heavily
shorted
stocks,
crypto
currencies,
and
special-purpose
acquisition
companies
(SPACs).
In
addition,
stocks
with
more
price
and
earnings
volatility
outperformed
lower-volatility
stocks.
Meanwhile,
growth
stocks,
which
have
enjoyed
a
lengthy
period
of
market
leadership,
underperformed
as
did
more
profitable
companies.
Our
team
uses
a
quantitative
approach
to
select
a
broadly
diversified
portfolio
of
securities
with
a
focus
on
emphasizing
certain
factors
in
the
markets
that
we
believe
will
outperform.
During
the
period,
stock
selection
was
the
primary
driver
of
the
Fund’s
outperformance
versus
its
benchmark,
particularly
in
the
Information
Technology
sector.
Sector
allocation
was
slightly
negative,
but
not
materially
so
since
the
Fund’s
weights
tracked
fairly
close
to
the
benchmark’s
sector
exposures.
In
terms
of
style
factors,
the
Fund’s
underweighting
in
value
stocks
weighed
slightly
on
results
versus
the
benchmark
because
of
the
segment’s
strong
performance.
What
is
your
outlook?
Barring
an
unexpected
resurgence
of
the
COVID-19
pandemic,
we
expect
the
current
economic
recovery
to
continue
while
moderating
from
the
extraordinary
pace
of
growth
over
the
past
year.
We
anticipate
corporate
earnings
growth
to
slow
to
a
level
more
consistent
with
long-term
averages.
Economic
optimism
may
be
tempered
somewhat
by
concern
over
inflation
as
high
demand
for
goods
and
services
has
been
met
with
disrupted
supply
chains
and
firms’
inability
to
hire
enough
workers
to
keep
pace
with
demand.
We
see
a
risk
that
these
inflationary
pressures
could
cause
interest
rates
to
rise,
which
would
likely
be
a
headwind
for
equity
returns
and
precipitate
an
increase
in
volatility
in
the
coming
year.
Under
these
conditions,
we
expect
value
stocks
to
continue
to
perform
well,
albeit
not
at
the
extreme
level
of
outperformance
from
this
past
year.
While
economic
growth
remains
fairly
robust,
we
do
not
expect
growth
factors
to
aid
significantly
in
stock
selection.
If
interest
rates
begin
to
rise
materially,
yield-derived
factors
such
as
dividend
yield
may
perform
poorly
as
well.
Our
outlook
for
low
volatility
as
an
equity
factor
is
close
to
neutral,
and
we
do
not
anticipate
as
large
of
a
dispersion
between
high-volatility
and
low-volatility
stocks
as
was
the
case
in
the
past
year.
This
is
consistent
with
our
long-term
expectation
for
low-volatility
stocks
to
produce
returns
similar
to
the
market
over
a
full
market
cycle,
but
with
lower
overall
volatility.
We
will
continue
to
focus
on
finding
profitable
companies
with
low
volatility,
attractive
valuations,
positive
price
momentum,
and
high-quality
earnings.
Industry
weightings
will
continue
to
be
driven
by
the
companies
we
own
based
on
the
factors
we
are
emphasizing.
9
Portfolio
Composition
(%
of
Portfolio)
Common
Stock
99.9%
Short-Term
Investments
0.1%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Information
Technology
27.0%
Health
Care
21.2%
Consumer
Staples
11.5%
Industrials
9.1%
Communications
Services
7.5%
Financials
7.1%
Utilities
6.7%
Consumer
Discretionary
4.7%
Real
Estate
2.8%
Materials
2.1%
Top
10
Holdings
(%
of
Net
Assets)
Microsoft
Corporation
2.9%
Accenture
plc
2.8%
Verizon
Communications,
Inc.
2.6%
Adobe,
Inc.
2.4%
Johnson
&
Johnson
2.4%
Regeneron
Pharmaceuticals,
Inc.
2.3%
Public
Storage,
Inc.
2.1%
McDonald's
Corporation
1.9%
Eli
Lilly
and
Company
1.9%
Waste
Management,
Inc.
1.6%
These
securities
represent
22.9%
of
the
total
net
assets
of
the
Fund.
Quoted
Portfolio
Composition,
Major
Market
Sectors
and
Top
10
Holdings
are
subject
to
change.
The
lists
of
Major
Market
Sectors
and
Top
10
holdings
exclude
short-term
investments
and
collateral
held
for
securities
loaned.
The
Portfolio
Composition
chart
excludes
collateral
held
for
securities
loaned.
Average
Annual
Total
Returns
1
As
of
October
31,
2021
1-Year
From
Inception
2/28/2018
31.84%
15.09%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
MSCI
USA
Minimum
Volatility
Index
(USD)
is
an
index
which
aims
to
reflect
the
performance
characteristics
of
a
minimum
variance
strategy
applied
to
the
large
and
mid
cap
USA
equity
universe.
**
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
hous-
ing,
electricity,
food
and
transportation.
Thrivent
Core
Short-Term
Reserve
Fund
10
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
William
D.
Stouten,
Portfolio
Manager
The
Fund
seeks
a
high
level
of
current
income
consistent
with
liquidity
and
the
preservation
of
capital.
Investment
in
Thrivent
Core
Short-Term
Reserve
Fund
involves
interest
rate,
LIBOR,
mortgage-backed
and
other
asset-backed
securities,
credit,
financial
sector,
government
securities,
prepayment,
redemption
and
share
ownership,
redemption
and
lending,
regulatory,
cybersecurity,
investment
adviser,
and
health
crisis
risks.
A
detailed
description
of
each
risk
can
be
found
in
the
significant
risks
section
of
the
accompanying
notes
to
financial
statements.
Thrivent
Core
Short-Term
Reserve
Fund's
primary
role
is
to
serve
as
a
cash
sweep
vehicle
for
Thrivent
Mutual
Funds
and
Thrivent
Series
Fund,
Inc.
To
help
meet
this
objective,
the
Fund
is
invested
in
investment-grade
fixed-income
securities;
however,
its
overall
weighted
average
maturity
is
limited
to
180
days
or
less
to
help
us
manage
the
fluctuation
in
the
Fund’s
underlying
share
price.
Investments
consist
of
U.S.
dollar-denominated
debt
securities
such
as:
obligations
of
federal,
state
and
local
governments,
their
agencies
and
instrumentalities;
mortgage-backed
and
asset-backed
securities;
corporate
debt
securities;
time
deposits;
commercial
paper;
repurchase
agreements;
and
other
securities
that
have
debt-like
characteristics.
The
Fund
may
also
invest
in
other
investment
companies
that
have
exposure
to
fixed-income
securities.
How
did
the
Fund
perform
during
the
12-month
period
ended
October
31,
2021?
The
Thrivent
Core
Short-Term
Reserve
Fund
earned
a
return
of
0.17%.
Its
30-day
yield
at
period
end
was
0.13%,
which
was
higher
than
the
0.09%
yield
of
60-day
commercial
paper
(source:
Bloomberg,
U.S.
Commercial
Paper
Placed
Top
60-Day
Discount).
What
factors
affected
the
Fund's
performance?
As
the
period
got
underway,
the
U.S.
economy
was
rebounding
from
a
steep,
but
short-lived
recession
caused
by
the
COVID-19
pandemic
lockdowns.
The
recovery
was
fueled
by
massive
amounts
of
Federal
Reserve
(Fed)
stimulus
and
government
spending,
as
well
as
the
reopening
of
the
economy.
The
Fed
kept
its
target
federal
funds
rate
at
0%
to
0.25%
and
maintained
its
monthly
purchases
of
Treasury
and
agency
mortgage-backed
securities
throughout
the
reporting
period.
However,
policymakers
were
able
to
wind
down
several
other
programs
established
during
the
height
of
the
crisis
to
address
the
severely
strained
market
liquidity
and
financial
dislocation.
At
the
end
of
March
2021,
the
Fed
stopped
extending
credit
through
the
Money
Market
Mutual
Fund
Liquidity
Facility
(MMLF),
which
had
been
established
a
year
earlier
to
assist
prime
money
market
funds
in
meeting
demands
for
redemptions.
This
program,
along
with
several
other
facilities
that
supported
the
flow
of
credit
to
dealers,
corporations,
municipalities
and
consumers,
provided
an
important
backstop
for
the
U.S.
economy
and
prevented
a
major
economic
fallout
from
the
event.
In
the
final
month
of
the
reporting
period,
the
Fed
hinted
that
it
would
begin
tapering
its
monthly
asset
purchases
before
year
end,
which
policymakers
officially
announced
on
November
3.
With
the
federal
funds
rate
on
hold
throughout
the
period,
short-term
Treasury
rates
remained
anchored
near
zero.
The
Fed’s
ongoing
asset
purchases
added
to
the
already
tremendous
amount
of
excess
cash
in
the
system
from
both
corporations
and
individual
investors,
versus
a
limited
supply
of
available
securities,
which
put
further
pressure
on
shorter-term
yields.
Although
short
rates
rose
slightly
and
briefly
in
September
during
the
U.S.
debt
ceiling
debate,
the
three-month
Treasury
bill
rate
ended
the
period
slightly
lower
at
0.05%
as
the
budget
deadline
was
extended
to
December
2021.
Across
the
rest
of
the
yield
curve,
rates
were
pressured
higher,
especially
for
intermediate
maturities,
as
inflation
rose
significantly
due
to
the
combination
of
record
stimulus,
restrictive
government
policies,
resumed
demand,
disrupted
supply
chains,
labor
constraints,
and
higher
energy
prices.
Due
to
narrow
credit
spreads
and
low
yields,
the
market
did
not
offer
much
opportunity
to
pick
up
additional
yield
by
increasing
credit
exposure
or
extending
duration.
Therefore,
we
favored
floating-rate
securities,
which
adjust
periodically
to
changing
interest
rates
and
comprised
nearly
40%
of
the
portfolio.
We
also
increased
the
Fund’s
commercial
paper
exposure
to
54%,
while
lowering
its
exposure
to
U.S.
government
obligations
to
approximately
20%.
The
remainder
of
the
Fund’s
portfolio
was
invested
in
approximately
11%
corporate
bonds,
9%
certificates
of
deposit
(CDs),
4%
asset-backed
securities
and
2%
municipal
securities.
The
Fund’s
weighted
average
maturity
(WAM)
stayed
virtually
the
same,
falling
slightly
from
43
days
at
the
beginning
of
the
fiscal
year
to
41
days
by
period
end.
We
typically
target
an
average
WAM
of
less
than
65
days
because
it
reduces
the
price
sensitivity
of
the
Fund’s
portfolio
to
changes
in
interest
rates
and
aids
with
liquidity.
However,
the
Fund’s
weighted
average
life
(WAL)
declined
significantly
due
to
the
combination
of
a
large
increase
in
assets
and
a
drop
in
attractive
issuance
from
banks.
At
the
end
of
October
2021,
the
Fund’s
net
assets
totaled
approximately
$6.5
billion
and
its
WAL
was
82
days.
What
is
your
outlook?
Because
the
primary
purpose
of
the
Fund
is
to
provide
liquidity
to
Thrivent
Mutual
Funds
and
Thrivent
Series
Fund,
Inc.,
we
will
continue
to
manage
its
portfolio
conservatively
to
preserve
liquidity
and
minimize
net
asset
value
(NAV)
volatility.
11
Portfolio
Composition
(%
of
Portfolio)
Short-Term
Investments
100.0%
Total
100.0%
Major
Market
Sectors
(%
of
Net
Assets)
Financials
37.7%
Utilities
19.0%
U.S.
Government
&
Agencies
18.6%
Consumer
Cyclical
6.2%
Consumer
Non-Cyclical
4.9%
Basic
Materials
4.1%
Asset-Backed
Securities
3.4%
Capital
Goods
3.3%
U.S.
Municipals
1.6%
Energy
1.2%
Top
10
Holdings
(%
of
Net
Assets)
Federal
Farm
Credit
Bank
3.1%
Federal
Farm
Credit
Bank
1.5%
Federal
Agricultural
Mortgage
Corporation
1.5%
Federal
Home
Loan
Bank
1.4%
Federal
Farm
Credit
Bank
1.2%
Federal
Agricultural
Mortgage
Corporation
1.0%
Federal
Agricultural
Mortgage
Corporation
1.0%
U.S.
Treasury
Bills
0.8%
Public
Service
Enterprise
Group,
Inc.
0.7%
U.S.
Treasury
Bills
0.7%
These
securities
represent
12.9%
of
the
total
net
assets
of
the
Fund.
Quoted
Major
Market
Sectors,
Portfolio
Composition
and
Top
10
Holdings
are
subject
to
change.
Average
Annual
Total
Returns
1
As
of
October
31,
2021
1-Year
5-Year
From
Inception
5/2/2016
0.17%
1.42%
1.35%
Past
performance
is
not
an
indication
of
future
results.
The
prospectus
contains
more
complete
information
on
the
investment
objectives,
risks,
charges
and
expenses
of
the
investment
company,
which
investors
should
read
and
consider
carefully
before
investing.
To
obtain
a
prospectus,
visit
SEC.gov.
Total
investment
return
and
principal
value
of
your
investment
will
fluctuate,
and
your
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
data
quoted.
Call
800-847-4836
for
performance
results
current
to
the
most
recent
month-end.
Average
annual
total
returns
represent
past
performance
and
reflect
changes
in
share
prices,
the
reinvestment
of
all
dividends
and
capital
gains,
and
the
effects
of
compounding.
Periods
of
less
than
one
year
are
not
annualized.
At
various
times,
the
Fund's
adviser
may
have
waived
its
management
fee
and/or
reimbursed
Fund
expenses,
without
which
the
Fund's
total
returns
would
have
been
lower.
The
returns
shown
do
not
reflect
taxes
a
shareholder
would
pay
on
distributions
or
redemptions.
Unless
otherwise
noted,
the
Index
results
shown
do
not
reflect
deductions
for
fees,
expenses,
or
taxes.
Index
results
shown
reflect
reinvestment
of
dividends.
It
is
not
possible
to
invest
directly
in
an
Index.
1
*
The
Bloomberg
Short-term
Government/Corporate
Index
–
3-6
months
is
an
index
which
measures
the
performance
of
USD
denominated,
fixed
rate,
investment
grade
bonds
that
are
in
the
government
or
corporate
sector
and
have
a
remaining
maturity
of
3-6
months.
**
The
Consumer
Price
Index
is
an
inflationary
indicator
that
measures
the
change
in
the
cost
of
a
fixed
basket
of
products
and
services,
including
hous-
ing,
electricity,
food
and
transportation.
12
Shareholder
Expense
Example
(unaudited)
As
a
shareholder
of
a
Fund,
you
incur
ongoing
costs,
including
administrative
fees
and
other
Fund
expenses.
This
Example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
a
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
Example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
from
May
1,
2021
through
October
31,
2021.
Actual
Expenses
In
the
table
below,
the
first
line
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
"Expenses
Paid
during
Period"
to
estimate
the
expenses
you
paid
on
your
account
during
the
period.
Hypothetical
Example
for
Comparison
Purposes
In
the
table
below,
the
second
line
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund's
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund's
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
example
that
appears
in
the
shareholder
reports
of
the
other
funds.
Beginning
Account
Value
5/1/2021
Ending
Account
Value
10/31/2021
Expenses
Paid
During
Period 5/1/2021
-
10/31/2021
*
Annualized
Expense
Ratio
Thrivent
Core
Emerging
Markets
Debt
Fund
Actual
$1,000
$1,008
$0.19
0.04%
Hypothetical
**
$1,000
$1,025
$0.20
0.04%
Thrivent
Core
Emerging
Markets
Equity
Fund
Actual
$1,000
$946
$0.80
0.16%
Hypothetical
**
$1,000
$1,024
$0.84
0.16%
Thrivent
Core
International
Equity
Fund
Actual
$1,000
$1,084
$0.30
0.06%
Hypothetical
**
$1,000
$1,025
$0.30
0.06%
Thrivent
Core
Low
Volatility
Equity
Fund
Actual
$1,000
$1,106
$0.18
0.03%
Hypothetical
**
$1,000
$1,025
$0.17
0.03%
Thrivent
Core
Short-Term
Reserve
Fund
Actual
$1,000
$1,001
$0.03
0.01%
Hypothetical
**
$1,000
$1,025
$0.03
0.01%
*
Expenses
are
equal
to
the
Fund's
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
to
reflect
the
one-half
year
period.
**
Assuming
5%
annualized
total
return
before
expenses.
13
To
the
Board
of
Trustees
of
Thrivent
Core
Funds
and
Shareholders
of
each
of
the
five
funds
listed
in
the
table
below
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
schedules
of
investments,
of
each
of
the
funds
listed
in
the
table
below
(constituting
Thrivent
Core
Funds,
hereafter
collectively
referred
to
as
the
"Funds")
as
of
October
31,
2021,
the
related
statements
of
operations
for
the
year
ended
October
31,
2021,
the
statements
of
changes
in
net
assets
for
each
of
the
periods
indicated
in
the
table
below,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
periods
indicated
therein
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
October
31,
2021,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
periods
indicated
in
the
table
below
and
each
of
the
financial
highlights
for
each
of
the
periods
indicated
therein
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Thrivent
Core
Emerging
Markets
Debt
Fund
(1)
Thrivent
Core
Low
Volatility
Equity
Fund
(1)
Thrivent
Core
Emerging
Markets
Equity
Fund
(2)
Thrivent
Core
Short-Term
Reserve
Fund
(1)
Thrivent
Core
International
Equity
Fund
(1)
(1)
Statement
of
changes
in
net
assets
for
the
years
ended
October
31,
2021
and
2020
(2)
Statement
of
changes
in
net
assets
for
the
year
ended
October
31,
2021
and
the
period
February
3,
2020
(commencement
of
operations)
through
October
31,
2020
PricewaterhouseCoopers
LLP,
45
South
Seventh
Street,
Suite
3400,
Minneapolis,
MN
55402
T:
(612)
596
6000,
www.pwc.com/us
Report
of
Independent
Registered
Public
Accounting
Firm
14
Our
procedures
included
confirmation
of
securities
owned
as
of
October
31,
2021
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
December
17,
2021
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Thrivent
Financial
for
Lutherans
investment
company
complex
since
1987.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
15
Principal
Amount
Long-Term
Fixed
Income
(
96.6%
)
Value
Angola
(2.0%)
Angola
Government
International
Bond
$
14,000,000
8.250%,
5/9/2028
$
14,073,360
2,500,000
8.000%,
11/26/2029
2,475,300
2,000,000
9.125%,
11/26/2049
1,949,088
4,000,000
9.500%,
11/12/2025
4,322,328
Total
22,820,076
Argentina
(1.1%)
Argentina
Government
International
Bond
1,800,000
0.500%,
7/9/2030
a
613,980
24,000,000
1.125%,
7/9/2035
a
7,404,240
12,700,000
2.500%,
7/9/2041
a
4,370,705
Total
12,388,925
Azerbaijan
(0.4%)
Azerbaijan
Government
International
Bond
3,900,000
3.500%,
9/1/2032
3,987,688
Total
3,987,688
Bahrain
(1.3%)
Bahrain
Government
International
Bond
4,000,000
6.125%,
8/1/2023
b
4,228,000
2,000,000
7.000%,
10/12/2028
b
2,189,016
3,000,000
7.500%,
9/20/2047
b
3,103,680
1,000,000
7.500%,
9/20/2047
1,034,560
CBB
International
Sukuk
Programme
SPC
4,000,000
6.250%,
11/14/2024
4,327,464
Total
14,882,720
Belarus
(0.7%)
Belarus
Government
International
Bond
2,500,000
6.875%,
2/28/2023
2,526,750
6,100,000
6.200%,
2/28/2030
5,286,504
Total
7,813,254
Brazil
(1.8%)
Brazil
Government
International
Bond
2,900,000
4.750%,
1/14/2050
2,476,426
4,800,000
2.625%,
1/5/2023
4,889,184
3,000,000
2.875%,
6/6/2025
2,997,330
1,000,000
4.500%,
5/30/2029
999,630
3,000,000
3.875%,
6/12/2030
2,814,870
1,300,000
5.000%,
1/27/2045
1,164,098
2,000,000
5.625%,
2/21/2047
1,925,020
Petrobras
Global
Finance
BV
2,900,000
6.850%,
6/5/2115
c
2,849,279
Total
20,115,837
Canada
(0.9%)
Canacol
Energy,
Ltd.
4,500,000
7.250%,
5/3/2025
4,686,795
Principal
Amount
Long-Term
Fixed
Income
(96.6%)
Value
Canada
(0.9%)
-
continued
Petronas
Energy
Canada,
Ltd.
$
6,000,000
2.112%,
3/23/2028
b
$
5,975,468
Total
10,662,263
Cayman
Islands
(0.3%)
Rutas
2
and
7
Finance,
Ltd.
1,500,000
Zero
Coupon,
9/30/2036
b
1,105,380
SA
Global
Sukuk
,
Ltd.
2,000,000
2.694%,
6/17/2031
b
2,003,200
Total
3,108,580
Chile
(3.3%)
Chile
Government
International
Bond
1,700,000
3.100%,
1/22/2061
1,566,941
7,500,000
3.500%,
1/25/2050
7,629,450
4,000,000
3.125%,
1/21/2026
4,242,680
4,600,000
3.240%,
2/6/2028
4,851,528
3,000,000
2.450%,
1/31/2031
2,953,230
11,850,000
2.550%,
7/27/2033
11,438,923
Corporacion
Nacional
del
Cobre
de
Chile
4,600,000
3.750%,
1/15/2031
4,873,386
Total
37,556,138
Colombia
(3.4%)
Colombia
Government
International
Bond
5,000,000
2.625%,
3/15/2023
5,070,950
3,375,000
3.875%,
4/25/2027
3,496,567
3,700,000
4.500%,
3/15/2029
3,902,649
4,986,000
3.125%,
4/15/2031
4,669,539
4,000,000
7.375%,
9/18/2037
4,948,240
8,500,000
6.125%,
1/18/2041
9,440,270
4,605,000
5.625%,
2/26/2044
4,854,729
2,000,000
5.000%,
6/15/2045
1,969,560
Total
38,352,504
Costa
Rica
(0.8%)
Costa
Rica
Government
International
Bond
2,500,000
4.375%,
4/30/2025
2,566,250
4,500,000
7.000%,
4/4/2044
4,488,795
Instituto
Costarricense
de
Electricidad
2,000,000
6.750%,
10/7/2031
b
1,986,000
Total
9,041,045
Dominican
Republic
(3.7%)
Dominican
Republic
Government
International
Bond
3,000,000
6.875%,
1/29/2026
b
3,435,030
4,000,000
5.950%,
1/25/2027
b
4,460,040
5,500,000
4.875%,
9/23/2032
b
5,582,555
2,000,000
5.300%,
1/21/2041
b
1,980,020
3,300,000
7.450%,
4/30/2044
b
3,927,033
4,900,000
6.850%,
1/27/2045
5,463,549
8,300,000
6.500%,
2/15/2048
b,c
8,881,083
8,000,000
6.400%,
6/5/2049
b
8,500,080
Total
42,229,390
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
16
Principal
Amount
Long-Term
Fixed
Income
(96.6%)
Value
Ecuador
(1.8%)
Ecuador
Government
International
Bond
$
7,500,000
5.000%,
7/31/2030
a
$
6,225,000
21,000,000
1.000%,
7/31/2035
a
13,833,960
Total
20,058,960
Egypt
(4.4%)
Egypt
Government
International
Bond
4,000,000
7.500%,
2/16/2061
b
3,390,000
2,000,000
8.875%,
5/29/2050
b
1,883,740
2,000,000
8.750%,
9/30/2051
b
1,881,400
500,000
8.150%,
11/20/2059
b
446,110
4,000,000
6.125%,
1/31/2022
4,025,920
3,000,000
5.800%,
9/30/2027
b
2,910,000
7,800,000
7.600%,
3/1/2029
7,839,000
8,500,000
7.053%,
1/15/2032
b
7,968,750
5,000,000
7.625%,
5/29/2032
4,834,250
2,000,000
6.875%,
4/30/2040
1,772,400
5,000,000
8.500%,
1/31/2047
4,619,800
9,000,000
7.903%,
2/21/2048
7,916,040
Total
49,487,410
El
Salvador
(0.7%)
El
Salvador
Government
International
Bond
4,700,000
8.625%,
2/28/2029
3,750,600
5,000,000
7.625%,
2/1/2041
3,662,500
Total
7,413,100
Ghana
(1.7%)
Ghana
Government
International
Bond
4,000,000
6.375%,
2/11/2027
3,577,200
3,000,000
7.750%,
4/7/2029
b
2,666,652
5,000,000
8.625%,
4/7/2034
b
4,423,900
6,500,000
7.875%,
2/11/2035
b
5,520,801
4,000,000
8.875%,
5/7/2042
3,497,800
Total
19,686,353
Guatemala
(1.0%)
Guatemala
Government
International
Bond
1,000,000
6.125%,
6/1/2050
b
1,173,000
4,590,000
4.500%,
5/3/2026
4,906,710
3,700,000
4.375%,
6/5/2027
3,947,900
1,000,000
4.650%,
10/7/2041
b
1,019,500
Total
11,047,110
Honduras
(0.1%)
Honduras
Government
International
Bond
1,000,000
6.250%,
1/19/2027
1,043,500
Total
1,043,500
Hungary
(0.1%)
Hungary
Government
International
Bond
1,500,000
3.125%,
9/21/2051
b
1,459,173
Total
1,459,173
Principal
Amount
Long-Term
Fixed
Income
(96.6%)
Value
Indonesia
(5.1%)
Indonesia
Government
International
Bond
$
4,650,000
3.750%,
4/25/2022
b
$
4,713,319
964,000
3.375%,
4/15/2023
b
998,315
2,397,000
5.875%,
1/15/2024
b
2,649,940
5,000,000
4.125%,
1/15/2025
5,416,700
6,100,000
4.750%,
1/8/2026
b
6,853,275
2,000,000
6.625%,
2/17/2037
b
2,736,277
2,000,000
7.750%,
1/17/2038
b
2,991,490
726,000
6.750%,
1/15/2044
b
1,049,707
3,700,000
5.125%,
1/15/2045
b
4,494,484
1,200,000
5.250%,
1/8/2047
b
1,509,371
1,500,000
4.350%,
1/11/2048
1,684,347
Pertamina
Persero
PT
1,500,000
6.450%,
5/30/2044
1,962,684
Perusahaan
Listrik
Negara
PT
1,000,000
4.375%,
2/5/2050
1,008,810
2,000,000
3.375%,
2/5/2030
2,042,500
7,300,000
5.250%,
10/24/2042
8,121,250
Perusahaan
Penerbit
SBSN
Indonesia
III
1,000,000
3.750%,
3/1/2023
b,c
1,039,010
2,500,000
4.350%,
9/10/2024
b
2,723,875
1,500,000
4.150%,
3/29/2027
b
1,666,395
PT
Perusahaan
Gas
Negara
(
Persero
)
Tbk
PT
4,000,000
5.125%,
5/16/2024
4,369,596
Total
58,031,345
Ivory
Coast
(1.5%)
Ivory
Coast
Government
International
Bond
16,500,000
6.125%,
6/15/2033
17,321,040
Total
17,321,040
Jersey
(1.0%)
Galaxy
Pipeline
Assets
Bidco
,
Ltd.
3,000,000
2.160%,
3/31/2034
2,922,088
6,500,000
2.625%,
3/31/2036
b
6,332,409
2,000,000
2.940%,
9/30/2040
b
1,964,497
Total
11,218,994
Jordan
(0.6%)
Jordan
Government
International
Bond
6,500,000
5.850%,
7/7/2030
6,705,400
Total
6,705,400
Kazakhstan
(1.2%)
Kazakhstan
Government
International
Bond
4,700,000
6.500%,
7/21/2045
6,768,282
KazMunayGas
National
Company
JSC
5,000,000
3.500%,
4/14/2033
c
5,171,300
1,700,000
5.750%,
4/19/2047
2,049,418
Total
13,989,000
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
17
Principal
Amount
Long-Term
Fixed
Income
(96.6%)
Value
Kenya
(0.3%)
Kenya
Government
International
Bond
$
3,000,000
8.000%,
5/22/2032
$
3,258,540
Total
3,258,540
Lebanon
(0.3%)
Lebanon
Government
International
Bond
14,000,000
6.650%,
4/22/2024
d
2,102,800
3,000,000
6.600%,
11/27/2026
d
450,000
5,000,000
6.850%,
3/23/2027
d
750,000
Total
3,302,800
Malaysia
(1.2%)
Petronas
Capital,
Ltd.
5,000,000
4.550%,
4/21/2050
6,181,298
6,400,000
3.500%,
4/21/2030
6,867,593
Total
13,048,891
Mexico
(6.2%)
Comision
Federal
de
Electricidad
966,667
4.050%,
3/20/2050
863,233
2,000,000
3.875%,
7/26/2033
b
1,925,000
Mexico
Government
International
Bond
4,560,000
4.500%,
1/31/2050
4,793,016
5,781,000
4.150%,
3/28/2027
c
6,451,423
1,885,000
3.750%,
1/11/2028
2,040,588
5,800,000
6.050%,
1/11/2040
7,227,206
2,000,000
4.600%,
2/10/2048
2,124,120
Petroleos
Mexicanos
14,300,000
7.690%,
1/23/2050
13,656,500
4,000,000
4.250%,
1/15/2025
4,070,000
5,700,000
6.840%,
1/23/2030
5,958,780
8,200,000
5.950%,
1/28/2031
c
8,067,160
7,100,000
6.625%,
6/15/2035
6,875,640
Total
Play
Telecomunicaciones
SA
de
CV
6,000,000
7.500%,
11/12/2025
b
6,238,560
Total
70,291,226
Mongolia
(0.3%)
Mongolia
Government
International
Bond
3,700,000
5.125%,
4/7/2026
3,837,471
Total
3,837,471
Morocco
(1.1%)
Morocco
Government
International
Bond
8,000,000
2.375%,
12/15/2027
b
7,832,480
1,000,000
5.500%,
12/11/2042
1,106,140
OCP
SA
1,500,000
5.125%,
6/23/2051
1,460,250
1,500,000
6.875%,
4/25/2044
1,795,920
Total
12,194,790
Principal
Amount
Long-Term
Fixed
Income
(96.6%)
Value
Mozambique
(0.1%)
Mozambique
Government
International
Bond
$
1,300,000
5.000%,
9/15/2031
a
$
1,102,010
Total
1,102,010
Netherlands
(0.6%)
AES
Andres
BV
3,000,000
5.700%,
5/4/2028
b
3,073,950
IHS
Netherlands
Holdco
BV
3,000,000
8.000%,
9/18/2027
b
3,183,750
Total
6,257,700
Nigeria
(1.0%)
Nigeria
Government
International
Bond
2,000,000
6.375%,
7/12/2023
2,080,000
3,100,000
7.875%,
2/16/2032
3,156,073
1,000,000
7.375%,
9/28/2033
b
990,000
5,000,000
7.696%,
2/23/2038
4,825,000
Total
11,051,073
Oman
(3.7%)
Oman
Government
International
Bond
3,000,000
4.125%,
1/17/2023
b
3,063,720
4,000,000
4.875%,
2/1/2025
4,169,288
2,000,000
5.932%,
10/31/2025
b
2,210,000
5,000,000
4.750%,
6/15/2026
b
5,136,510
4,000,000
5.625%,
1/17/2028
b
4,205,000
9,500,000
7.375%,
10/28/2032
b
10,968,985
11,500,000
6.750%,
1/17/2048
b
11,614,540
Total
41,368,043
Pakistan
(1.0%)
Pakistan
Government
International
Bond
3,000,000
6.000%,
4/8/2026
b
3,015,000
4,500,000
6.875%,
12/5/2027
4,596,444
4,000,000
7.375%,
4/8/2031
b
4,059,920
Total
11,671,364
Panama
(3.0%)
Aeropuerto
Internacional
de
Tocumen
SA
2,000,000
4.000%,
8/11/2041
b
2,008,375
Panama
Bonos
del
Tesoro
4,000,000
4.950%,
5/24/2024
4,353,817
9,000,000
3.362%,
6/30/2031
8,910,000
Panama
Government
International
Bond
4,800,000
4.500%,
4/16/2050
5,291,280
1,000,000
9.375%,
1/16/2023
1,102,500
3,000,000
3.750%,
3/16/2025
3,195,450
2,000,000
3.875%,
3/17/2028
2,168,700
5,079,000
6.700%,
1/26/2036
6,775,437
Total
33,805,559
Paraguay
(1.2%)
Paraguay
Government
International
Bond
7,800,000
5.400%,
3/30/2050
8,794,500
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
18
Principal
Amount
Long-Term
Fixed
Income
(96.6%)
Value
Paraguay
(1.2%)
-
continued
$
4,500,000
4.700%,
3/27/2027
$
4,950,000
Total
13,744,500
Peru
(2.5%)
Peru
Government
International
Bond
1,000,000
7.350%,
7/21/2025
1,200,740
11,000,000
2.783%,
1/23/2031
10,939,500
3,000,000
8.750%,
11/21/2033
4,647,300
2,000,000
3.000%,
1/15/2034
1,978,000
5,000,000
3.300%,
3/11/2041
4,907,900
Petroleos
del
Peru
SA
5,000,000
5.625%,
6/19/2047
b
5,075,000
Total
28,748,440
Philippines
(1.9%)
Philippines
Government
International
Bond
3,000,000
4.200%,
1/21/2024
3,200,129
3,000,000
3.750%,
1/14/2029
3,349,410
5,025,000
7.750%,
1/14/2031
7,220,133
2,625,000
6.375%,
10/23/2034
3,608,696
3,720,000
3.950%,
1/20/2040
4,116,815
Total
21,495,183
Qatar
(4.5%)
Qatar
Government
International
Bond
5,700,000
4.400%,
4/16/2050
b
6,947,103
6,000,000
4.500%,
1/20/2022
b
6,052,380
3,000,000
3.875%,
4/23/2023
b
3,139,500
6,000,000
3.375%,
3/14/2024
b
6,331,152
3,000,000
3.250%,
6/2/2026
b
3,210,000
1,000,000
4.000%,
3/14/2029
b
1,126,240
3,000,000
3.750%,
4/16/2030
b
3,345,000
2,000,000
5.750%,
1/20/2042
b
2,780,000
8,000,000
4.817%,
3/14/2049
b
10,284,800
Qatar
Petroleum
3,000,000
2.250%,
7/12/2031
b
2,955,000
4,000,000
3.125%,
7/12/2041
b
4,036,768
Total
50,207,943
Romania
(1.2%)
Romania
Government
International
Bond
3,100,000
4.000%,
2/14/2051
3,118,290
7,200,000
4.875%,
1/22/2024
7,740,000
3,000,000
3.000%,
2/14/2031
3,017,118
Total
13,875,408
Russian
Federation
(3.0%)
Russia
Government
International
Bond
2,000,000
4.500%,
4/4/2022
b
2,029,376
7,600,000
4.750%,
5/27/2026
8,521,500
4,000,000
4.250%,
6/23/2027
b
4,431,112
2,000,000
12.750%,
6/24/2028
b
3,287,800
3,400,000
4.375%,
3/21/2029
3,831,528
585,000
7.500%,
3/31/2030
b
677,138
2,600,000
5.100%,
3/28/2035
b
3,110,333
Principal
Amount
Long-Term
Fixed
Income
(96.6%)
Value
Russian
Federation
(3.0%)
-
continued
$
6,000,000
5.250%,
6/23/2047
b
$
7,637,400
Total
33,526,187
Saudi
Arabia
(4.1%)
Saudi
Arabia
Government
International
Bond
13,000,000
3.750%,
1/21/2055
13,589,420
3,000,000
2.875%,
3/4/2023
b
3,087,270
8,300,000
3.250%,
10/26/2026
b
8,885,980
4,000,000
3.625%,
3/4/2028
b
4,355,000
3,800,000
4.375%,
4/16/2029
b
4,344,692
7,000,000
2.250%,
2/2/2033
b
6,753,768
Saudi
Arabian
Oil
Company
1,500,000
1.625%,
11/24/2025
b
1,491,180
3,500,000
2.250%,
11/24/2030
b
3,390,170
Total
45,897,480
Senegal
(1.5%)
Senegal
Government
International
Bond
4,500,000
6.250%,
7/30/2024
4,866,327
11,700,000
6.250%,
5/23/2033
12,060,220
Total
16,926,547
South
Africa
(2.4%)
Eskom
Holdings
SOC,
Ltd.
1,000,000
7.125%,
2/11/2025
1,040,000
4,500,000
6.350%,
8/10/2028
b
4,837,860
South
Africa
Government
International
Bond
4,125,000
5.875%,
5/30/2022
4,240,541
2,000,000
4.665%,
1/17/2024
2,125,840
2,500,000
5.875%,
9/16/2025
2,791,950
1,500,000
4.850%,
9/27/2027
1,574,475
3,500,000
6.250%,
3/8/2041
3,654,350
6,700,000
5.650%,
9/27/2047
6,340,880
Total
26,605,896
Supranational
(0.4%)
Africa
Finance
Corporation
5,000,000
2.875%,
4/28/2028
b
4,965,900
Total
4,965,900
Trinidad
and
Tobago
(0.3%)
Telecommunications
Services
of
Trinidad
and
Tobago,
Ltd.
3,000,000
8.875%,
10/18/2029
b
3,187,860
Total
3,187,860
Turkey
(3.8%)
Hazine
Mustesarligi
Varlik
Kiralama
AS
3,000,000
5.800%,
2/21/2022
b
3,031,548
Turkey
Government
International
Bond
3,000,000
6.250%,
9/26/2022
3,083,928
5,000,000
7.250%,
12/23/2023
5,282,460
8,000,000
5.750%,
3/22/2024
8,135,200
6,000,000
6.375%,
10/14/2025
6,098,400
2,000,000
4.750%,
1/26/2026
1,914,600
3,500,000
6.500%,
9/20/2033
3,325,000
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
19
Principal
Amount
Long-Term
Fixed
Income
(96.6%)
Value
Turkey
(3.8%)
-
continued
$
4,139,000
6.875%,
3/17/2036
$
3,999,284
5,935,000
6.750%,
5/30/2040
5,555,397
3,000,000
5.750%,
5/11/2047
2,467,500
Total
42,893,317
Ukraine
(1.4%)
State
Agency
of
Roads
of
Ukraine
3,000,000
6.250%,
6/24/2028
b
2,940,600
Ukraine
Government
International
Bond
2,000,000
7.750%,
9/1/2024
2,155,024
1,900,000
9.750%,
11/1/2028
2,205,140
8,500,000
7.375%,
9/25/2032
8,742,080
Total
16,042,844
United
Arab
Emirates
(2.7%)
Abu
Dhabi
Government
International
Bond
5,200,000
3.875%,
4/16/2050
b
5,965,752
3,000,000
3.000%,
9/15/2051
b
2,962,800
3,000,000
2.500%,
10/11/2022
b
3,058,176
3,000,000
3.125%,
5/3/2026
b
3,213,750
8,500,000
2.500%,
9/30/2029
b
8,817,900
Finance
Department
Government
of
Sharjah
7,000,000
4.000%,
7/28/2050
b
6,308,750
Total
30,327,128
United
Kingdom
(1.0%)
Gazprom
PJSC
7,000,000
3.250%,
2/25/2030
b
6,912,500
NAK
Naftogaz
Ukraine
4,000,000
7.625%,
11/8/2026
b
3,936,517
Total
10,849,017
Uruguay
(2.2%)
Uruguay
Government
International
Bond
4,000,000
4.975%,
4/20/2055
5,118,160
4,000,000
5.100%,
6/18/2050
5,205,720
12,740,312
4.375%,
1/23/2031
14,714,169
Total
25,038,049
Uzbekistan
(0.6%)
Uzbekistan
Government
International
Bond
7,000,000
3.900%,
10/19/2031
b
6,825,000
Total
6,825,000
Vietnam
(1.4%)
Vietnam
Government
International
Bond
14,600,000
4.800%,
11/19/2024
16,019,922
Total
16,019,922
Virgin
Islands,
British
(2.8%)
Sinopec
Group
Overseas
Development
2017,
Ltd.
5,000,000
3.625%,
4/12/2027
5,415,214
Principal
Amount
Long-Term
Fixed
Income
(96.6%)
Value
Virgin
Islands,
British
(2.8%)
-
continued
Sinopec
Group
Overseas
Development
2018,
Ltd.
$
9,700,000
2.300%,
1/8/2031
$
9,479,645
State
Grid
Overseas
Investment
2016,
Ltd.
12,500,000
2.875%,
5/18/2026
13,113,919
3,000,000
3.500%,
5/4/2027
3,251,490
Total
31,260,268
Total
Long-Term
Fixed
Income
(cost
$1,078,236,314)
1,090,046,161
Shares
Collateral
Held
for
Securities
Loaned
(
1.5%
)
17,237,683
Thrivent
Cash
Management
Trust
17,237,683
Total
Collateral
Held
for
Securities
Loaned
(cost
$17,237,683)
17,237,683
Shares
Registered
Investment
Companies
(
0.9%
)
Value
Unaffiliated (0.9%)
88,000
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
9,670,320
Total
9,670,320
Total
Registered
Investment
Companies
(cost
$8,571,297)
9,670,320
Shares
Short-Term
Investments
(
1.4%
)
Thrivent
Core
Short-Term
Reserve
Fund
1,514,206
0.130%
15,142,066
Total
Short-Term
Investments
(cost
$15,142,066)
15,142,066
Total
Investments
(cost
$1,119,187,360)
100.4%
$1,132,096,230
Other
Assets
and
Liabilities,
Net
(0.4%)
(3,989,068)
Total
Net
Assets
100.0%
$1,128,107,162
a
Denotes
step
coupon
securities.
Step
coupon
securities
pay
an
initial
coupon
rate
for
the
first
period
and
then
different
coupon
rates
for
following
periods.
The
rate
shown
is
as
of
October
31,
2021.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
October
31,
2021,
the
value
of
these
investments
was
$379,076,840
or
33.6%
of
total
net
assets.
c
All
or
a
portion
of
the
security
is
on
loan.
d
Defaulted
security. Interest
is
not
being
accrued.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
20
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
Emerging
Markets
Debt
Fund
as
of
October
31,
2021:
Securities
Lending
Transactions
Long-Term
Fixed
Income
$
16,420,829
Total
lending
$16,420,829
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$17,237,683
Net
amounts
due
to
counterparty
$816,854
Definitions:
ETF
-
Exchange
Traded
Fund
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives,
if
any),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$35,749,157
Gross
unrealized
depreciation
(23,502,627)
Net
unrealized
appreciation
(depreciation)
$12,246,530
Cost
for
federal
income
tax
purposes
$1,119,849,700
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2021,
in
valuing
Emerging
Markets
Debt
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Long-Term
Fixed
Income
Basic
Materials
8,129,556
–
8,129,556
–
Capital
Goods
2,940,600
–
2,940,600
–
Communications
Services
12,610,170
–
12,610,170
–
Consumer
Non-Cyclical
2,003,200
–
2,003,200
–
Energy
128,282,903
–
128,282,903
–
Financials
6,071,280
–
6,071,280
–
Foreign
Government
882,366,469
–
882,366,469
–
Transportation
2,008,375
–
2,008,375
–
Utilities
45,633,608
–
45,633,608
–
Registered
Investment
Companies
Unaffiliated
9,670,320
9,670,320
–
–
Subtotal
Investments
in
Securities
$1,099,716,481
$9,670,320
$1,090,046,161
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
15,142,066
Collateral
Held
for
Securities
Loaned
17,237,683
Subtotal
Other
Investments
$32,379,749
Total
Investments
at
Value
$1,132,096,230
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Emerging
Markets
Debt
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
21
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Emerging
Markets
Debt
Fund,
is
as
follows:
Fund
Value
10/31/2020
Gross
Purchases
Gross
Sales
Value
10/31/2021
Shares
Held
at
10/31/2021
%
of
Net
Assets
10/31/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$32,552
$280,760
$298,170
$15,142
1,514
1.4%
Total
Affiliated
Short-Term
Investments
32,552
15,142
1.4
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
6,981
194,459
184,202
17,238
17,238
1.5
Total
Collateral
Held
for
Securities
Loaned
6,981
17,238
1.5
Total
Value
$39,533
$32,380
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
10/31/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$(8)
$8
$–
$59
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$59
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
0
27
Total
Affiliated
Income
from
Securities
Loaned,
Net
$27
Total
$(8)
$8
$0
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
22
Shares
Common
Stock
(
98.7%
)
Value
Bermuda
(0.2%)
72,000
COSCO
SHIPPING
Ports,
Ltd.
$
59,932
162,000
Road
King
Infrastructure,
Ltd.
164,141
730,200
Shanghai
Industrial
Urban
Development
Group,
Ltd.
62,860
1,260,000
Yuexiu
Transport
Infrastructure,
Ltd.
806,478
Total
1,093,411
Brazil
(3.4%)
84,400
Alpargatas
SA
a
571,260
79,700
Ambev
SA
240,492
178,200
B3
SA
-
Brasil
Bolsa
Balcao
377,000
183,298
Banco
Bradesco
SA
ADR
641,543
126,400
Banco
do
Brasil
SA
639,413
37,746
Banco
Santander
Brasil
SA
ADR
b
230,628
42,500
BB
Seguridade
Participacoes
SA
166,572
56,600
Braskem
SA
a
545,662
201,300
BRF
SA
a
830,339
108,000
Centrais
Eletricas
Brasileiras
SA
ADR
b
656,640
118,700
Cia
Brasileira
de
Distribuicao
539,048
117,553
Companhia
Siderurgica
Nacional
SA
ADR
479,616
25,772
Embraer
SA
ADR
a
400,239
107,900
ENGIE
Brasil
Energia
SA
737,776
4,718
Getnet
Adquirencia
e
Servicos
para
Meios
de
Pagamento
SA
ADR
a,b
7,549
26,600
Grendene
SA
40,580
197,829
Itau
Unibanco
Holding
SA
ADR
805,164
164,200
JBS
SA
1,139,607
20,800
Magazine
Luiza
SA
39,877
156,400
Metalurgica
Gerdau
SA
347,783
372,100
Petroleo
Brasileiro
SA
1,796,613
185,174
Petroleo
Brasileiro
SA
ADR
1,818,409
86,000
Sendas
Distribuidora
SA
232,074
40,800
SIMPAR
SA
73,882
75,097
Telefonica
Brasil
SA
ADR
b
603,029
254,400
TIM
SA
503,950
230,018
Vale
SA
ADR
2,928,129
207,800
Vibra
Energia
SA
772,834
35,300
WEG
SA
230,859
29,400
Yduqs
Participacoes
SA
108,353
Total
18,504,920
Cayman
Islands
(14.3%)
860,500
3SBio,
Inc.
a,c
787,451
130,800
ANTA
Sports
Products,
Ltd.
2,026,579
14,077
Baidu.com,
Inc.
ADR
a
2,283,853
142
BeiGene
,
Ltd.
ADR
a
50,796
2,914
Bilibili
,
Inc.
ADR
a
213,596
28,000
China
Education
Group
Holdings,
Ltd.
47,861
504,000
China
Medical
System
Holdings,
Ltd.
853,383
224,000
China
Meidong
Auto
Holdings,
Ltd.
1,157,146
165,000
China
Overseas
Property
Holdings,
Ltd.
148,237
612,000
Consun
Pharmaceutical
Group,
Ltd.
262,274
13,000
Country
Garden
Services
Holdings
Company,
Ltd.
100,080
121,300
ENN
Energy
Holdings,
Ltd.
2,089,814
360,000
Fu
Shou
Yuan
International
Group,
Ltd.
309,065
181,000
Geely
Automobile
Holdings,
Ltd.
628,186
Shares
Common
Stock
(98.7%)
Value
Cayman
Islands
(14.3%)
-
continued
14,000
Ginko
International
Company,
Ltd.
$
101,617
42,054
Hello
Group,
Inc.
ADR
523,572
1,432,000
IGG,
Inc.
1,331,436
16,712
Li
Auto,
Inc.
ADR
a,b
545,313
231,000
Li
Ning
Company,
Ltd.
2,549,100
355,000
Longfor
Group
Holdings,
Ltd.
c
1,717,462
257,600
Meituan
Dianping
a,c
8,765,778
245,000
NetDragon
Websoft
Holdings,
Ltd.
536,602
37,408
NetEase
,
Inc.
ADR
3,650,647
103,519
New
Oriental
Education
&
Technology
Group,
Inc.
ADR
a
212,214
79,289
NIO,
Inc.
ADR
a
3,124,780
7,400
Noah
Holdings,
Ltd.
ADR
a
314,574
48,000
Parade
Technologies,
Ltd.
3,092,139
22,687
Pinduoduo
,
Inc.
ADR
a
2,017,328
4,911,500
Shui
On
Land,
Ltd.
725,946
18,500
Sunny
Optical
Technology
(Group)
Company,
Ltd.
496,419
410,200
Tencent
Holdings,
Ltd.
24,952,381
233,000
Topsports
International
Holdings,
Ltd.
c
283,060
3,134
Trip.com
Group,
Ltd.
ADR
a
89,507
1,815,000
Want
Want
China
Holdings,
Ltd.
1,407,616
26,608
Weibo
Corporation
ADR
a
1,196,828
184,500
WuXi
Biologics
(Cayman),
Inc.
a,c
2,794,615
768,000
Xiabuxiabu
Catering
Management
Holdings
Company,
Ltd.
c
559,601
1,298,400
Xiaomi
Corporation
a,c
3,549,247
5,081
XP,
Inc.
a
166,708
13,409
XPeng
,
Inc.
ADR
a
625,262
530,000
Yadea
Group
Holdings,
Ltd.
c
910,631
165,500
Zhongsheng
Group
Holdings,
Ltd.
1,492,207
Total
78,690,911
Chile
(0.4%)
11,406
Banco
de
Credito
e
Inversiones
SA
384,088
11,766
CAP
SA
116,460
197,722
Cencosud
SA
289,231
26,656
Cia
Cervecerias
Unidas
SA
ADR
450,753
4,055,427
Colbun
SA
279,667
3,783,310
Compania
Sud
Americana
de
Vapores
SA
245,886
197,955
Embotelladora
Andina
SA
408,807
28,775
Enel
Chile
SA
ADR
b
62,442
Total
2,237,334
China
(18.1%)
109,019
Aier
Eye
Hospital
Group
Company,
Ltd.
824,484
133,661
Alibaba
Group
Holding,
Ltd.
ADR
a
22,046,045
117,800
Anhui
Conch
Cement
Company,
Ltd.,
Class
A
698,795
183,000
Anhui
Conch
Cement
Company,
Ltd.,
Class
H
904,918
23,400
Asymchem
Laboratories
(Tianjin)
Company,
Ltd.
1,455,183
24,400
Autohome
,
Inc.
ADR
960,140
3,102,000
Bank
of
China,
Ltd.
1,097,803
789,500
Bank
of
Jiangsu
Company,
Ltd.
775,831
1,004,200
Bank
of
Shanghai
Company,
Ltd.
1,144,143
132,000
Beijing
North
Star
Company,
Ltd.
21,180
17,682
BYD
Company,
Ltd.,
Class
A
864,221
64,500
BYD
Company,
Ltd.,
Class
H
2,466,969
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
23
Shares
Common
Stock
(98.7%)
Value
China
(18.1%)
-
continued
22,762
Changzhou
Xingyu
Automotive
Lighting
Systems
$
813,279
965,000
China
Cinda
Asset
Management
Company,
Ltd.
161,103
760,000
China
CITIC
Bank
Corporation,
Ltd.
333,374
5,561,000
China
Construction
Bank
Corporation
3,784,710
37,500
China
International
Travel
Service
Corporation,
Ltd.
1,570,605
24,120
China
Life
Insurance
Company,
Ltd.
ADR
b
207,914
70,000
China
Merchants
Bank
Company,
Ltd.,
Class
A
589,621
338,000
China
Merchants
Bank
Company,
Ltd.,
Class
H
2,832,488
278,200
China
Pacific
Insurance
(Group)
Company,
Ltd.
850,700
3,314
China
Petroleum
&
Chemical
Corporation
ADR
b
161,325
262,756
China
Shenhua
Energy
Company,
Ltd.,
Class
A
817,961
544,500
China
Shenhua
Energy
Company,
Ltd.,
Class
H
1,170,837
38,800
China
TransInfo
Technology
Company,
Ltd.
81,084
358,000
CITIC
Securities
Company,
Ltd.
908,947
447,100
Dongxing
Securities
Company,
Ltd.
765,754
116,338
Foshan
Haitian
Flavouring
and
Food
Company,
Ltd.
2,130,292
14,900
Fuyao
Glass
Industry
Group
Company,
Ltd.,
Class
A
115,096
95,600
Fuyao
Glass
Industry
Group
Company,
Ltd.,
Class
H
c
550,436
34,300
GF
Securities
Company,
Ltd.
107,944
351,600
GF
Securities
Company,
Ltd.
596,355
189,900
Goertek
,
Inc.
1,289,770
136,500
Great
Wall
Motor
Company,
Ltd.
614,188
68,433
Guangzhou
Baiyunshan
Pharmaceutical
Holdings,
Ltd.
311,069
1,234,400
Guangzhou
R&F
Properties
Company,
Ltd.
b
772,184
44,400
Haier
Smart
Home
Company,
Ltd.
165,332
219,900
Haitong
Securities
Company,
Ltd.,
Class
A
424,322
794,000
Haitong
Securities
Company,
Ltd.,
Class
H
706,359
296,982
Henan
Shuanghui
Investment
&
Development
Company,
Ltd.
1,368,518
344,900
Huatai
Securities
Company,
Ltd.
854,389
81,206
Iflytek
Company,
Ltd.
717,580
2,279,000
Industrial
and
Commercial
Bank
of
China,
Ltd.,
Class
H
1,249,262
540,181
Industrial
Bank
Company,
Ltd.
1,572,101
68,265
JD.com,
Inc.
ADR
a
5,343,784
36,500
Jiangsu
Yangnong
Chemical
Company,
Ltd.
671,117
258,000
Jiangxi
Copper
Company,
Ltd.
450,550
11,500
Kweichow
Moutai
Company,
Ltd.
3,281,627
62,000
Lenovo
Group,
Ltd.
67,330
65,700
Midea
Group
Company,
Ltd.
704,738
252,680
NARI
Technology
Company,
Ltd.
1,538,550
2,515,000
People's
Insurance
Company
(Group)
of
China,
Ltd.
784,488
28,504
PetroChina
Company,
Ltd.
ADR
1,375,603
1,318,000
PICC
Property
and
Casualty
Company,
Ltd.
1,226,987
Shares
Common
Stock
(98.7%)
Value
China
(18.1%)
-
continued
364,000
Ping
An
Insurance
(Group)
Company
of
China,
Ltd.,
Class
H
$
2,607,235
154,382
S.
F.
Holding
Company,
Ltd.
1,556,730
4,500
Sangfor
Technologies,
Inc.
142,341
184,958
Shandong
Linglong
Tyre
Company,
Ltd.
1,022,473
73,700
Shandong
Sun
Paper
Industry
Joint
Stock
Company,
Ltd.
132,215
121,000
Shanghai
Fosun
Pharmaceutical
(Group)
Company,
Ltd.
569,577
434,700
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Company,
Ltd.
735,674
761,400
Shanghai
Pudong
Development
Bank
Company,
Ltd.
1,063,436
121,900
Shenzhen
Inovance
Technology
Company,
Ltd.
1,242,017
333,300
Shenzhen
Overseas
Chinese
Town
Company,
Ltd.
326,245
53,200
Shenzhou
International
Group
Holdings,
Ltd.
1,146,152
2,341,700
Sinotrans
,
Ltd.
1,651,580
19,520
SKSHU
Paint
Company,
Ltd.
339,990
870,000
Tong
Ren
Tang
Technologies
Company,
Ltd.
617,329
6,000
Tsingtao
Brewery
Company,
Ltd.
52,211
100,826
Vipshop
Holdings,
Ltd.
ADR
a
1,125,218
84,100
Wanhua
Chemical
Group
Company,
Ltd.
1,389,702
38,800
Weichai
Power
Company,
Ltd.,
Class
A
91,600
29,700
Wuliangye
Yibin
Company,
Ltd.
1,003,605
37,513
WuXi
AppTec
Company,
Ltd.,
Class
A
808,422
47,900
WuXi
AppTec
Company,
Ltd.,
Class
H
c
1,022,721
45,100
Yunnan
Baiyao
Group
Company,
Ltd.
631,370
23,700
Zhangzhou
Pientzehuang
Pharmaceutical
Company,
Ltd.
1,523,582
440,000
Zijin
Mining
Group
Company,
Ltd.
611,885
398,400
Zoomlion
Heavy
Industry
Science
and
Technology
Company,
Ltd.,
Class
A
452,407
427,000
Zoomlion
Heavy
Industry
Science
and
Technology
Company,
Ltd.,
Class
H
307,561
Total
99,472,663
Colombia
(0.3%)
22,138
Bancolombia
SA
ADR
795,418
56,541
Ecopetrol
SA
ADR
856,596
Total
1,652,014
Cyprus
(0.1%)
39,581
Ros
Agro
plc
GDR
657,897
Total
657,897
Czech
Republic
(0.6%)
49,571
CEZ
AS
1,636,463
30,995
Komercni
Banka
AS
a
1,202,239
132,870
Moneta
Money
Bank
AS
a,c
519,423
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
24
Shares
Common
Stock
(98.7%)
Value
Czech
Republic
(0.6%)
-
continued
259
Philip
Morris
CR
$
184,050
Total
3,542,175
Egypt
(0.3%)
303,063
Commercial
International
Bank
Egypt
SAE
GDR
a
939,495
966,820
EFG
Hermes
Holding
Company
a
766,792
Total
1,706,287
Greece
(0.6%)
781,596
Eurobank
Ergasias
Services
and
Holdings
SA
a
820,927
5,663
GEK
Terna
Holding
Real
Estate
Construction
SA
a
63,490
46,424
Hellenic
Telecommnications
Organization
SA
824,206
32,632
JUMBO
SA
485,707
5,290
Motor
Oil
(Hellas)
Diilistiria
Korinthou
AE
a
89,793
67,931
Mytilineos
SA
1,241,410
3,346
Sarantis
SA
33,767
Total
3,559,300
Hong
Kong
(1.0%)
367,000
China
Everbright
Environment
Group,
Ltd.
252,113
1,797,440
CSPC
Pharmaceutical
Group,
Ltd.
1,875,629
1,272,000
Far
East
Horizon,
Ltd.
1,214,698
210,000
Hang
Lung
Group,
Ltd.
491,726
271,000
Shanghai
Industrial
Holdings,
Ltd.
404,385
332,000
Weichai
Power
Company,
Ltd.,
Class
H
594,269
950,200
Yuexiu
Property
Company,
Ltd.
834,931
Total
5,667,751
Hungary
(0.3%)
29,411
OTP
Bank
Nyrt
a
1,767,232
Total
1,767,232
India
(13.9%)
34,025
ACC,
Ltd.
1,062,433
82,564
Adani
Ports
and
Special
Economic
Zone,
Ltd.
765,857
142,843
Amara
Raja
Batteries,
Ltd.
1,300,886
561,612
Ambuja
Cements,
Ltd.
3,043,522
25,949
Bajaj
Auto,
Ltd.
1,286,691
13,495
Bajaj
Finserv
,
Ltd.
3,221,787
1,120
Blue
Dart
Express,
Ltd.
99,702
63,719
Britannia
Industries,
Ltd.
3,134,588
293,613
Cipla
,
Ltd.
3,554,319
36,857
Cummins
India,
Ltd.
441,742
11,161
Cyient
,
Ltd.
159,519
8,770
Divi's
Laboratories,
Ltd.
603,450
9,690
Dr.
Lal
PathLabs
,
Ltd.
c
455,144
7,117
Endurance
Technologies,
Ltd.
c
173,203
20,136
Gujarat
Gas,
Ltd.
167,501
227,098
HCL
Technologies,
Ltd.
3,477,362
21,342
Housing
Development
Finance
Corporation
813,700
173,101
Indian
Energy
Exchange,
Ltd.
c
1,640,783
408,464
Infosys,
Ltd.
ADR
9,100,578
2,963
JK
Cement,
Ltd.
131,402
84,036
Jubilant
FoodWorks
,
Ltd.
4,153,380
Shares
Common
Stock
(98.7%)
Value
India
(13.9%)
-
continued
9,566
Kotak
Mahindra
Bank,
Ltd.
$
260,214
5,154
L&T
Technology
Services,
Ltd.
c
326,085
228,413
LIC
Housing
Finance,
Ltd.
1,244,927
20,261
Mahanagar
Gas,
Ltd.
271,719
28,127
Marico,
Ltd.
213,867
47,394
Motherson
Sumi
Systems,
Ltd.
142,027
1,672,298
Oil
and
Natural
Gas
Corporation,
Ltd.
3,327,767
1,686
Page
Industries,
Ltd.
849,550
21,911
Persistent
Systems,
Ltd.
1,150,514
2,902
PI
Industries,
Ltd.
116,424
23,491
Pidilite
Industries,
Ltd.
726,949
47,057
PNB
Housing
Finance,
Ltd.
a,c
303,433
21,637
Polycab
India,
Ltd.
654,574
2,308,501
Power
Grid
Corporation
of
India,
Ltd.
5,718,233
213,044
Reliance
Industries,
Ltd.
7,229,685
3,936
Schaeffler
India,
Ltd.
389,034
8,060
Sundram
Fasteners,
Ltd.
90,122
8,850
Supreme
Industries,
Ltd.
275,699
142,162
Tata
Consultancy
Services,
Ltd.
6,461,904
33,187
Tata
Elxsi
,
Ltd.
2,607,043
47,971
Tech
Mahindra,
Ltd.
949,542
474,069
Wipro,
Ltd.
ADR
4,247,658
Total
76,344,519
Indonesia
(0.3%)
2,859,900
Mitra
Adiperkasa
Tbk
PT
a
177,640
66,322
Telekomunikasi
Indonesia
Persero
Tbk
PT
ADR
1,743,605
Total
1,921,245
Kuwait
(0.6%)
21,926
HumanSoft
Holding
Company
KSCP
243,188
784,797
Kuwait
Finance
House
KSCP
2,168,992
49,973
Mobile
Telecommunications
Company
KSCP
98,969
704,873
National
Industries
Group
Holding
a
640,917
Total
3,152,066
Luxembourg
(0.1%)
40,931
Allegro.eu
SA
a,c
462,899
Total
462,899
Malaysia
(0.8%)
26,100
AEON
Credit
Service
(M)
Berhad
88,114
337,132
Berjaya
Sports
Toto
Berhad
169,340
14,700
Bursa
Malaysia
Berhad
26,659
499,800
Hong
Leong
Bank
Berhad
2,271,489
552,600
Mah
Sing
Group
Berhad
108,091
10,700
Press
Metal
Aluminium
Holdings
Berhad
14,382
1,356,100
Public
Bank
Berhad
1,365,597
305,700
TIME
dotCom
Berhad
333,679
Total
4,377,351
Mexico
(1.6%)
75,036
America
Movil
SAB
de
CV
ADR
1,334,140
99,300
Arca
Continental
SAB
de
CV
604,395
332,100
Banco
del
Bajio
SA
c
622,325
2,586
Coca-Cola
FEMSA
SAB
de
CV
ADR
138,997
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
25
Shares
Common
Stock
(98.7%)
Value
Mexico
(1.6%)
-
continued
19,248
Fomento
Economico
Mexicano
SAB
de
CV
ADR
$
1,581,993
230,900
Gentera
,
SAB
de
CV
a
139,069
255,800
Grupo
Financiero
Banorte
SAB
de
CV
ADR
1,616,952
225,600
Grupo
Mexico,
SAB
de
CV
988,616
233,600
Megacable
Holdings
SAB
de
CV
689,408
8,960
Promotora
y
Operadora
de
Infraestructura
,
SAB
de
CV
65,999
20,000
Regional
SA
104,372
254,100
Wal-Mart
de
Mexico,
SAB
de
CV
885,302
Total
8,771,568
Netherlands
(0.1%)
6,160
Yandex
NV
a
508,668
Total
508,668
Philippines
(0.1%)
7,735
Globe
Telecom,
Inc.
459,712
7,440
Security
Bank
Corporation
17,851
Total
477,563
Poland
(1.6%)
93,930
Asseco
Poland
SA
2,313,146
1,789
Bank
Handlowy
w
Warszawie
SA
25,965
360,080
Bank
Millennium
SA
a
825,820
42,335
Bank
Pekao
SA
1,398,753
10,471
CCC
Spolka
Akcyjna
a
316,840
15,029
Jastrzebska
Spolka
Weglowa
SA
a
195,575
7,392
mBank
SA
a
1,046,167
135,012
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
a
1,653,072
83,812
Powszechny
Zaklad
Ubezpieczen
Spolka
Akcyjna
838,540
Total
8,613,878
Russian
Federation
(4.1%)
119,380,000
Federal
Grid
Company
Unified
Energy
System
PJSC
312,480
479,287
Gazprom
PJSC
ADR
4,703,183
33,355
Lukoil
ADR
3,399,906
21,535
Mechel
PJSC
ADR
a,b
90,447
60,581
MMC
Norilsk
Nickel
PJSC
ADR
1,893,212
3,064
Novatek
PJSC
GDR
777,857
656
PAO
Transneft
1,407,760
12,064
Rosneft
Oil
Company
PJSC
GDR
107,405
1,333,650
Sberbank
of
Russia
PJSC
6,709,318
53,967
Severstal
PJSC
1,226,450
60,790
Sovcomflot
OAO
73,053
2,279,100
Surgutneftegas
PJSC
1,241,655
185,958
Surgutneftegas
PJSC
ADR
888,245
Total
22,830,971
Saudi
Arabia
(3.5%)
127,937
Al
Rajhi
Bank
4,727,417
7,683
Arabian
Cement
Company
79,884
99,759
Arriyadh
Development
Company
707,454
261,850
Bank
AlJazira
1,342,306
7,081
Dr.
Sulaiman
Al
Habib
Medical
Services
Group
Company
313,000
26,022
Dur
Hospitality
Company
a
248,017
35,608
Eastern
Province
Cement
Company
455,168
15,704
Jarir
Marketing
Company
849,068
Shares
Common
Stock
(98.7%)
Value
Saudi
Arabia
(3.5%)
-
continued
72,246
National
Commercial
Bank
$
1,269,298
44,699
National
Industrialization
Company
a
297,519
252,077
Riyad
Bank
1,985,890
102,810
Saudi
Basic
Industries
Corporation
3,543,497
66,111
Saudi
British
Bank
584,241
65,076
Saudi
Real
Estate
Company
a
387,587
9,632
Saudi
Research
and
Marketing
Group
a
434,093
62,212
Saudi
Telecom
Company
1,943,420
Total
19,167,859
Singapore
(<0.1%)
9,317
China
Yuchai
International,
Ltd.
122,798
Total
122,798
South
Africa
(2.9%)
171,150
AECI,
Ltd.
1,270,758
7,320
Anglo
American
Platinum,
Ltd.
739,619
32,269
Aspen
Pharmacare
Holdings,
Ltd.
513,874
104,875
Barloworld,
Ltd.
880,813
184,187
DataTec
,
Ltd.
501,616
7,537
Exxaro
Resources,
Ltd.
82,524
191,248
FirstRand,
Ltd.
726,489
21,308
Impala
Platinum
Holdings,
Ltd.
275,776
127,602
Investec,
Ltd.
584,755
18,186
Kumba
Iron
Ore,
Ltd.
553,404
101,564
Massmart
Holdings,
Ltd.
a
416,496
511,827
Momentum
Metropolitan
Holdings
658,757
86,548
Motus
Holdings,
Ltd.
577,535
1,127
Mr
Price
Group,
Ltd.
14,753
180,161
MTN
Group,
Ltd.
a
1,615,527
9,101
Naspers,
Ltd.
1,541,289
186,454
Ninety
One,
Ltd.
642,793
190,466
Old
Mutual,
Ltd.
194,394
150,427
Resilient
REIT,
Ltd.
551,484
273,057
Sanlam,
Ltd.
1,121,724
57,500
Sasol,
Ltd.
a
965,768
72,154
Shoprite
Holdings,
Ltd.
857,298
57,158
Sibanye
Stillwater,
Ltd.
200,039
27,337
Standard
Bank
Group
242,245
31,254
Super
Group,
Ltd.
65,311
Total
15,795,041
South
Korea
(11.2%)
1,845
AfreecaTV
Company,
Ltd.
305,663
26,979
Amicogen
,
Inc.
a
746,790
44,974
Cheil
Worldwide,
Inc.
918,989
23,928
Chong
Kun
Dang
Pharmaceutical
Corporation
2,403,235
1,666
Chongkundang
Holdings
Corporation
116,884
8,479
CJ
ENM
Company,
Ltd.
1,282,463
16,587
Daewoong
Company,
Ltd.
449,440
3,559
Dentium
Company,
Ltd.
210,976
22,782
DIO
Corporation
a
735,998
34,144
DongKook
Pharmaceutical
Company,
Ltd.
656,299
28,742
Green
Cross
Holdings
Corporation
721,475
719
Hugel
,
Inc.
a
111,720
7,693
Huons
Global
Company,
Ltd.
325,309
3,109
Hyundai
Glovis
Company,
Ltd.
447,728
6,399
Hyundai
Green
Food
Company,
Ltd.
53,205
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
26
Shares
Common
Stock
(98.7%)
Value
South
Korea
(11.2%)
-
continued
1,143
Hyundai
Home
Shopping
Network
Corporation
$
68,611
2,256
Hyundai
Motor
Company
403,498
61,486
Hyundai
Steel
Company
2,350,164
165,253
Industrial
Bank
of
Korea
1,564,058
104,813
JB
Financial
Group
Corporation,
Ltd.
796,788
14,344
JYP
Entertainment
Corporation
645,128
65,114
Kangwon
Land,
Inc.
a
1,549,358
51,286
Kia
Corporation
3,742,459
41,492
Korea
Electric
Power
Corporation
803,911
1,976
Korea
Electric
Terminal
Company,
Ltd.
127,871
816
Korea
Zinc
Company,
Ltd.
375,703
2,117
Kumho
Petrochemical
Company,
Ltd.
311,490
1,063
LG
Chem
,
Ltd.
762,761
3,826
Lotte
Shopping
Company,
Ltd.
344,354
21,212
LS
Electric
Company,
Ltd.
1,073,556
26,278
LX
International
Corporation
612,531
17,754
LX
Semicon
Company,
Ltd.
1,669,386
24,880
Meritz
Fire
&
Marine
Insurance
Company,
Ltd.
591,391
345,331
Meritz
Securities
Company,
Ltd.
1,379,902
383
NAVER
Corporation
133,162
5,039
Osstem
Implant
Company,
Ltd.
534,141
16,824
PharmaResearch
Company,
Ltd.
1,327,258
40,153
PI
Advanced
Materials
Company,
Ltd.
1,555,253
16,049
POSCO
4,070,536
2,505
Samsung
Biologics
Company,
Ltd.
a,c
1,866,195
297,917
Samsung
Electronics
Company,
Ltd.
17,837,224
53,778
Samsung
Securities
Corporation,
Ltd.
2,186,265
3,137
Sebang
Global
Battery
Company,
Ltd.
220,547
1,827
SK
Hynix,
Inc.
161,051
7,730
SK,
Inc.
1,613,154
14,952
S-Oil
Corporation
1,308,265
249
Taekwang
Industrial
Corporation,
Ltd.
213,154
Total
61,685,299
Taiwan
(16.0%)
1,760,000
Asia
Cement
Corporation
2,803,273
1,915,000
Capital
Securities
Corporation
1,045,200
370,000
Cathay
Financial
Holding
Company,
Ltd.
771,262
2,085,000
China
Steel
Corporation
2,513,795
178,000
Chipbond
Technology
Corporation
413,171
475,000
Delta
Electronics,
Inc.
4,193,007
414,000
Feng
Hsin
Iron
&
Steel
Company,
Ltd.
1,164,326
233,000
Formosa
Plastics
Corporation
902,517
1,698,076
Fubon
Financial
Holding
Company,
Ltd.
4,488,734
125,000
Holtek
Semiconductor,
Inc.
464,568
59,000
Huaku
Development
Company,
Ltd.
192,999
670,006
IBF
Financial
Holdings
Company,
Ltd.
383,261
41,510
IBF
Financial
Holdings
Company,
Ltd.,
Bonus
Shares
a,d
23,745
Shares
Common
Stock
(98.7%)
Value
Taiwan
(16.0%)
-
continued
60,000
International
Games
System
Company,
Ltd.
$
1,545,622
1,508,000
King
Yuan
Electronics
Company,
Ltd.
2,163,814
7,000
Lotes
Company,
Ltd.
145,846
288,415
Makalot
Industrial
Company,
Ltd.
2,517,097
6,000
MediaTek
,
Inc.
197,476
13,000
Momo.com,
Inc.
837,724
100,000
Nan
Ya
Plastics
Corporation
306,886
225,000
Novatek
Microelectronics
Corporation
3,374,761
42,000
Phison
Electronics
Corporation
592,213
171,000
Realtek
Semiconductor
Corporation
3,075,888
15,000
Shiny
Chemical
Industrial
Company,
Ltd.
71,925
925,000
Sigurd
Microelectronics
Corporation
1,955,177
158,000
Sinbon
Electronics
Company,
Ltd.
1,307,309
180,000
Systex
Corporation
558,876
129,644
Taichung
Commercial
Bank
Company,
Ltd.
55,737
77,000
Taiwan
Cogeneration
Corporation
105,938
32,000
Taiwan
Paiho
,
Ltd.
99,656
2,065,000
Taiwan
Semiconductor
Manufacturing
Company,
Ltd.
43,819,938
502,000
Topco
Scientific
Company,
Ltd.
2,494,830
1,173,000
Tung
Ho
Steel
Enterprise
Corporation
1,705,043
177,000
Vanguard
International
Semiconductor
Corporation
922,307
8,000
Voltronic
Power
Technology
Corporation
468,519
61,600
Wan
Hai
Lines,
Ltd.
355,376
Total
88,037,816
Thailand
(1.3%)
3,077,800
AP
(Thailand)
Public
Company,
Ltd.
NVDR
821,614
345,100
Com7
Public
Company,
Ltd.
NVDR
747,733
17,500
Kasikornbank
pcl
NVDR
74,605
5,357,200
Land
and
Houses
Public
Company,
Ltd.
NVDR
1,366,640
40,900
PTT
Exploration
and
Production
Public
Company,
Ltd.
NVDR
144,678
195,100
Siam
Commercial
Bank
Public
Company,
Ltd.
NVDR
741,803
570,200
Thai
Vegetable
Oil
Public
Company,
Ltd.
NVDR
536,520
1,042,300
TISCO
Financial
Group
Public
Company,
Ltd.
2,900,314
Total
7,333,907
Turkey
(0.5%)
72,627
Aksa
Akrilik
Kimya
Sanayii
AS
178,384
106,807
Eregli
Demir
ve
Celik
Fabrikalari
TAS
e
223,013
5,721
Ford
Otomotiv
Sanayi
AS
110,445
63,251
Is
Yatirim
Menkul
Degerler
AS
105,243
60,511
Koza
Altin
Isletmeleri
AS
a
672,628
3,959
Nuh
Cimento
Sanayi
AS
17,938
149,905
TAV
Havalimanlari
Holding
AS
a
413,552
62,869
Turkiye
Garanti
Bankasi
AS
64,412
93,951
Ulker
Biskuvi
Sanayi
AS
e
197,205
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
27
Shares
Common
Stock
(98.7%)
Value
Turkey
(0.5%)
-
continued
235,371
Vestel
Elektronik
Sanayi
ve
Ticaret
AS
b
$
620,376
Total
2,603,196
United
States
(0.5%)
53,666
Yum
China
Holding,
Inc.
3,063,255
Total
3,063,255
Total
Common
Stock
(cost
$490,139,235)
543,821,794
Shares
Collateral
Held
for
Securities
Loaned
(
0.6%
)
3,102,124
Thrivent
Cash
Management
Trust
3,102,124
Total
Collateral
Held
for
Securities
Loaned
(cost
$3,102,124)
3,102,124
Shares
Preferred
Stock
(
0.3%
)
Brazil
(0.1%)
406,200
Companhia
de
Saneamento
do
Parana
267,739
35,100
Companhia
de
Saneamento
do
Parana,
Units
113,749
Total
381,488
South
Korea
(0.2%)
21,129
Samsung
Electronics
Company,
Ltd.
1,160,744
Total
1,160,744
Total
Preferred
Stock
(cost
$1,298,831)
1,542,232
Shares
Short-Term
Investments
(
0.1%
)
Thrivent
Core
Short-Term
Reserve
Fund
85,029
0.130%
850,290
Total
Short-Term
Investments
(cost
$850,290)
850,290
Total
Investments
(cost
$495,390,480)
99.7%
$549,316,440
Other
Assets
and
Liabilities,
Net
0.3%
1,459,994
Total
Net
Assets
100.0%
$550,776,434
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
October
31,
2021,
the
value
of
these
investments
was
$27,310,492
or
5.0%
of
total
net
assets.
d
Security
is
valued
using
significant
unobservable
inputs.
Further
information
on
valuation
can
be
found
in
the
Notes
to
Financial
Statements.
e
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
Emerging
Markets
Equity
Fund
as
of
October
31,
2021:
Securities
Lending
Transactions
Common
Stock
$
2,879,501
Total
lending
$2,879,501
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$3,102,124
Net
amounts
due
to
counterparty
$222,623
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
GDR
-
Global
Depository
Receipts,
which
are
certificates
for
shares
of
an
underlying
foreign
security’s
shares
held
by
an
issuing
depository
bank
from
more
than
one
country.
NVDR
-
Non-Voting
Depository
Receipts
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
82,594,848
Gross
unrealized
depreciation
(34,161,880)
Net
unrealized
appreciation
(depreciation)
$
48,432,968
Cost
for
federal
income
tax
purposes
$
500,553,389
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
28
Reference
Description:
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2021,
in
valuing
Emerging
Markets
Equity
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
48,961,732
7,115,158
41,846,574
–
Consumer
Discretionary
92,672,827
38,192,706
54,480,121
–
Consumer
Staples
23,613,761
2,651,359
20,962,402
–
Energy
28,130,998
4,211,933
23,919,065
–
Financials
96,913,076
3,161,949
93,727,382
23,745
Health
Care
30,135,009
50,796
30,084,213
–
Industrials
23,347,677
523,037
22,824,640
–
Information
Technology
125,856,169
17,068,874
108,787,295
–
Materials
50,984,672
3,018,576
47,966,096
–
Real
Estate
8,993,119
–
8,993,119
–
Utilities
14,212,754
656,640
13,556,114
–
Preferred
Stock
Information
Technology
1,160,744
–
1,160,744
–
Utilities
381,488
–
381,488
–
Subtotal
Investments
in
Securities
$545,364,026
$76,651,028
$468,689,253
$23,745
Other
Investments *
Total
Affiliated
Short-Term
Investments
850,290
Collateral
Held
for
Securities
Loaned
3,102,124
Subtotal
Other
Investments
$3,952,414
Total
Investments
at
Value
$549,316,440
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
330,083
330,083
–
–
Total
Liability
Derivatives
$330,083
$330,083
$–
$–
The
following
table
presents
Emerging
Markets
Equity
Fund's
futures
contracts
held
as
of
October
31,
2021.
Investments
and/or
cash
totaling
$864,813
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Principal
Amount
Value
and
Unrealized
ICE
US
mini
MSCI
Emerging
Markets
Index
228
December
2021
$
14,716,883
(
$
330,083)
Total
Futures
Long
Contracts
$
14,716,883
(
$
330,083)
Total
Futures
Contracts
$
14,716,883
($330,083)
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
29
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
October
31,
2021,
for
Emerging
Markets
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
330,083
Total
Equity
Contracts
330,083
Total
Liability
Derivatives
$330,083
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments. Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
October
31,
2021,
for
Emerging
Markets
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
(895,581)
Total
Equity
Contracts
(895,581)
Total
($895,581)
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
October
31,
2021,
for
Emerging
Markets
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
(330,083)
Total
Equity
Contracts
(330,083)
Total
($330,083)
The
following
table
presents
Emerging
Markets
Equity
Fund's
average
volume
of
derivative
activity
during
the
period
ended
October
31,
2021.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$6,033,712
Emerging
Markets
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
30
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Portfolio's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Portfolio.
The
Portfolio
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Portfolio.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Emerging
Markets
Equity
Fund,
is
as
follows:
Portfolio
Value
10/31/2020
Gross
Purchases
Gross
Sales
Value
10/31/2021
Shares
Held
at
10/31/2021
%
of
Net
Assets
10/31/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$23,017
$143,703
$165,870
$850
85
0.1%
Total
Affiliated
Short-Term
Investments
23,017
850
0.1
Collateral
held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
215
37,171
34,284
3,102
3,102
0.6
Total
Collateral
Held
for
Securities
Loaned
215
3,102
0.6
Total
Value
$23,232
$3,952
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
10/31/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$–
$–
$–
$6
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$6
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
0
29
Total
Affiliated
Income
from
Securities
Loaned,
Net
$29
Total
$–
$–
$0
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
31
Shares
Common
Stock
(
98.9%
)
Value
Australia
(7.4%)
16,865
Appen
,
Ltd.
$
137,425
24,299
ARB
Corporation,
Ltd.
894,949
209,673
Aristocrat
Leisure,
Ltd.
7,436,386
27,666
ASX,
Ltd.
1,739,848
37,384
Atlas
Arteria,
Ltd.
175,691
96,929
Aurizon
Holdings,
Ltd.
247,116
51,048
BHP
Group,
Ltd.
1,402,130
133,225
Carsales.com,
Ltd.
2,493,184
100,604
Commonwealth
Bank
of
Australia
7,974,070
166,565
Computershare,
Ltd.
2,370,108
4,644
Credit
Corporation
Group,
Ltd.
110,470
71,715
CSL,
Ltd.
16,317,995
127,663
DEXUS
Property
Group
1,047,188
21,374
Domino's
Pizza
Enterprises,
Ltd.
2,192,497
324,840
GWA
Group,
Ltd.
666,822
299,689
Humm
Group,
Ltd.
a
199,966
35,655
Ingenia
Communities
Group
176,285
15,824
Magellan
Financial
Group,
Ltd.
416,266
19,014
Premier
Investments,
Ltd.
441,278
19,189
REA
Group,
Ltd.
2,328,937
14,919
Reece,
Ltd.
226,220
15,573
Rio
Tinto,
Ltd.
1,066,946
320,221
Sandfire
Resources,
Ltd.
1,348,892
137,731
SEEK,
Ltd.
3,422,999
8,997
Sonic
Healthcare,
Ltd.
273,009
122,323
Stockland
421,639
695,656
Tabcorp
Holdings,
Ltd.
2,619,381
12,169
Washington
H.
Soul
Pattinson
and
Company,
Ltd.
299,681
18,487
Westpac
Banking
Corporation
359,666
9,476
WorleyParsons
,
Ltd.
77,857
Total
58,884,901
Austria
(0.4%)
42,855
OMV
AG
2,594,593
5,191
Raiffeisen
Bank
International
AG
151,681
Total
2,746,274
Belgium
(0.6%)
569
Aedifica
SA
75,877
35,459
Groupe
Bruxelles
Lambert
SA
4,114,359
1,848
KBC
Groep
NV
172,092
4,246
Telenet
Group
Holding
NV
152,542
Total
4,514,870
Bermuda
(0.1%)
64,500
CK
Infrastructure
Holdings,
Ltd.
388,870
170,000
Road
King
Infrastructure,
Ltd.
172,247
Total
561,117
Canada
(11.2%)
5,995
Agnico
Eagle
Mines,
Ltd.
318,206
12,301
Ballard
Power
Systems,
Inc.
a
222,941
70,209
Bank
of
Nova
Scotia
4,603,069
38,325
Barrick
Gold
Corporation
703,265
240,898
BCE,
Inc.
12,401,108
9,898
Canadian
Apartment
Properties
REIT
483,303
15,564
Canadian
Imperial
Bank
of
Commerce
1,888,531
57,327
Canadian
National
Railway
Company
7,618,895
67,079
Canadian
Pacific
Railway,
Ltd.
5,191,902
Shares
Common
Stock
(98.9%)
Value
Canada
(11.2%)
-
continued
13,246
Canadian
Western
Bank
$
423,731
28,087
Canopy
Growth
Corporation
a,b
355,173
109,876
CGI,
Inc.
a
9,815,684
175,159
CI
Financial
Corporation
3,994,010
17,144
Dollarama
,
Inc.
774,915
62,945
Enbridge,
Inc.
2,636,610
100,311
Laurentian
Bank
of
Canada
3,377,472
8,324
Open
Text
Corporation
419,294
8,916
Rogers
Communications,
Inc.
b
414,678
38,831
Royal
Bank
of
Canada
4,041,863
7,533
Saputo,
Inc.
179,925
2,449
Shopify,
Inc.
a
3,592,022
11,607
Sun
Life
Financial,
Inc.
661,475
152,260
Suncor
Energy,
Inc.
4,004,576
182,796
TC
Energy
Corporation
9,888,649
6,256
TELUS
Corporation
143,510
35,926
Thomson
Reuters
Corporation
4,321,512
4,850
TMX
Group,
Ltd.
525,090
83,339
Toronto-Dominion
Bank
6,049,754
Total
89,051,163
Cayman
Islands
(0.1%)
6,400
ASM
Pacific
Technology,
Ltd.
69,251
198,400
Sands
China,
Ltd.
a
452,188
Total
521,439
Denmark
(4.0%)
36
A.P.
Moller
-
Maersk
AS,
Class
B
104,326
371
Alk-Abello
AS
a
160,738
38,240
Carlsberg
AS
6,314,030
40,591
DSV
AS
9,434,047
6,582
Genmab
AS
a
2,956,974
4,103
GN
Store
Nord
AS
249,328
5,504
Jyske
Bank
AS
a
268,524
76,246
Novo
Nordisk
AS
8,360,749
18,320
Royal
Unibrew
AS
2,275,809
2,174
Topdanmark
AS
115,376
46,948
Tryg
AS
1,114,222
Total
31,354,123
Finland
(0.7%)
9,446
Fortum
Oyj
280,926
26,630
KONE
Oyj
1,816,146
29,528
Neste
Oil
Oyj
1,643,882
17,484
Nordea
Bank
Abp
214,123
593
Orion
Oyj
25,679
4,000
Sampo
Oyj
212,646
29,652
Stora
Enso
Oyj
493,396
23,574
UPM-
Kymmene
Oyj
831,950
Total
5,518,748
France
(7.8%)
46,572
Air
Liquide
SA
7,775,578
1,419
Amundi
SA
c
126,429
19,689
BNP
Paribas
SA
1,317,930
21,245
Bollore
SA
123,481
35,402
Dassault
Systemes
SE
2,067,390
2,722
Gaztransport
Et
Technigaz
SA
225,003
1,206
Hermes
International
1,915,030
16,201
Ipsos
SA
759,303
3,894
La
Francaise
des
Jeux
SAEM
c
202,198
109,458
Legrand
SA
11,924,538
2,921
LNA
Sante
167,990
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
32
Shares
Common
Stock
(98.9%)
Value
France
(7.8%)
-
continued
19,890
L'Oreal
SA
$
9,098,796
4,654
LVMH
Moet
Hennessy
Louis
Vuitton
SE
3,649,310
1,487
Sartorius
Stedim
Biotech
819,593
78,072
Schneider
Electric
SE
13,461,062
28,478
Societe
Generale
SA
951,280
135,879
Total
Energies
SE
6,804,151
3,811
UbiSoft
Entertainment
SA
a
199,559
417
Wendel
SA
55,549
969
Worldline
SA
a,c
56,508
Total
61,700,678
Germany
(6.2%)
10,067
Adidas
AG
3,294,952
53,406
Allianz
SE
12,401,458
21,599
Alstria
Office
REIT
AG
403,726
3,045
Bechtle
AG
228,417
934
Beiersdorf
AG
99,316
2,760
CompuGroup
Medical
SE
and
Company
KGaA
230,678
13,536
Deutsche
Boerse
AG
2,247,077
29,568
Deutsche
Pfandbriefbank
AG
c
366,877
65,410
Deutsche
Post
AG
4,049,348
251,101
Deutsche
Telekom
AG
4,669,775
9,169
K+S
AG
a
158,003
2,637
LEG
Immobilien
AG
392,236
17,482
Merck
KGaA
4,131,442
8,287
PUMA
SE
1,028,004
15,464
SAP
SE
2,239,365
352
Sartorius
Aktiengesellschaft
228,004
9,683
Scout24
SE
c
674,384
2,724
Siemens
AG
442,874
2,317
Stroeer
SE
196,503
38,960
Symrise
AG
5,389,042
186,768
TAG
Immobilien
AG
5,674,231
3,851
Wacker
Chemie
AG
695,904
2,560
Zalando
SE
a,c
241,871
Total
49,483,487
Hong
Kong
(0.5%)
146,000
CK
Hutchison
Holdings,
Ltd.
978,846
132,000
Galaxy
Entertainment
Group,
Ltd.
a
710,256
62,000
HKT
Trust
and
HKT,
Ltd.
84,136
504,000
Hong
Kong
and
China
Gas
Company,
Ltd.
782,980
41,000
Hysan
Development
Company,
Ltd.
142,542
18,700
Link
REIT
165,672
119,500
Power
Assets
Holdings,
Ltd.
730,301
227,000
SJM
Holdings,
Ltd.
a
168,824
28,000
Sun
Hung
Kai
Properties,
Ltd.
371,233
Total
4,134,790
Ireland
(<0.1%)
10,512
Glanbia
plc
171,673
Total
171,673
Isle
of
Man
(0.5%)
135,147
Entain
plc
a
3,786,973
Total
3,786,973
Israel
(1.1%)
211,124
Bank
Hapoalim
,
Ltd.
2,079,352
402,563
Bank
Leumi
Le-Israel
BM
3,846,237
Shares
Common
Stock
(98.9%)
Value
Israel
(1.1%)
-
continued
2,351
First
International
Bank
of
Israel,
Ltd.
$
94,283
71,760
Mizrahi
Tefahot
Bank,
Ltd.
2,610,988
7,073
Radware
,
Inc.
a
250,596
Total
8,881,456
Italy
(2.8%)
35,108
A2A
SPA
73,879
42,246
Amplifon
SPA
2,149,830
34,637
Azimut
Holding
SPA
997,489
796,350
Enel
SPA
6,666,889
40,815
Finecobank
Banca
Fineco
SPA
a
779,478
54,123
Iren
SPA
168,198
94,282
Italgas
SPA
599,021
285,431
Mediobanca
SPA
a
3,405,980
57,630
Poste
Italiane
SPA
c
823,065
98,884
Recordati
SPA
6,195,787
Total
21,859,616
Japan
(20.4%)
85
Activia
Properties,
Inc.
348,472
31,300
Advantest
Corporation
2,566,222
19,600
AEON
Financial
Service
Company,
Ltd.
249,021
54,600
Air
Water,
Inc.
835,385
12,500
Aisin
Corporation
457,410
17,100
Amada
Holdings
Company,
Ltd.
168,939
21,400
Arcs
Company,
Ltd.
411,250
15,600
ASKUL
Corporation
211,891
315,600
Astellas
Pharmaceutical,
Inc.
5,320,631
11,300
Bandai
Namco
Holdings,
Inc.
863,530
2,200
BayCurrent
Consulting,
Inc.
913,045
1,800
Benefit
One,
Inc.
90,840
27,500
Chiyoda
Company,
Ltd.
184,499
68,400
Chugai
Pharmaceutical
Company,
Ltd.
2,557,434
4,600
COMSYS
Holdings
Corporation
113,901
10,400
Dai
Nippon
Printing
Company,
Ltd.
257,661
2,300
Daifuku
Company,
Ltd.
211,737
16,200
Daikin
Industries,
Ltd.
3,548,040
21
Daiwa
Office
Investment
Corporation
135,553
219
Daiwa
Securities
Living
Investment
Corporation
221,238
6,500
Denso
Corporation
471,219
6,000
DISCO
Corporation
1,617,586
10,700
Eisai
Company,
Ltd.
758,161
3,000
Fast
Retailing
Company,
Ltd.
1,991,453
29,500
Fuji
Soft,
Inc.
1,502,244
13,300
Hanwa
Company,
Ltd.
399,513
5,900
Hikari
Tsushin,
Inc.
909,509
153,800
Honda
Motor
Company,
Ltd.
4,549,075
13,500
Hoya
Corporation
1,987,316
116
Hulic
REIT,
Inc.
175,739
57,300
Inaba
Denki
Sangyo
Company,
Ltd.
1,374,489
26,100
ITOCHU
Techno-Solutions
Corporation
824,480
7,100
Izumi
Company,
Ltd.
215,263
18,500
Japan
Post
Bank
Company,
Ltd.
144,337
31,400
JFE
Holdings,
Inc.
479,806
63,500
Kamigumi
Company,
Ltd.
1,278,569
89,600
Kao
Corporation
5,068,499
137,300
KDDI
Corporation
4,198,635
285
Kenedix
Retail
REIT
Corporation
727,192
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
33
Shares
Common
Stock
(98.9%)
Value
Japan
(20.4%)
-
continued
13,700
Keyence
Corporation
$
8,269,523
69,900
Kinden
Corporation
1,147,103
13,100
Kobe
Bussan
Company,
Ltd.
451,251
4,500
Komatsu,
Ltd.
117,861
8,800
KOMEDA
Holdings
Company,
Ltd.
159,608
58,100
Kyoei
Steel,
Ltd.
716,892
26,600
Kyushu
Railway
Company
595,430
8,700
Lasertec
Corporation
1,887,167
5,500
Lintec
Corporation
122,779
15,900
M3,
Inc.
936,993
367,200
Marubeni
Corporation
3,115,810
3,000
McDonald's
Holdings
Company
(Japan),
Ltd.
134,075
153,000
Mebuki
Financial
Group,
Inc.
313,270
10,600
Ministop
Company,
Ltd.
129,199
151,200
Mitsubishi
Corporation
4,807,854
166,600
Mitsubishi
Electric
Corporation
2,237,345
464,700
Mitsubishi
HC
Capital,
Inc.
2,330,099
25,000
Mitsuboshi
Belting,
Ltd.
444,348
154,500
Mitsui
&
Company,
Ltd.
3,535,657
294
Mori
Hills
REIT
Investment
Corporation
398,617
1,900
Murata
Manufacturing
Company,
Ltd.
140,939
38,700
NEC
Networks
&
System
Integration
Corporation
622,701
10,800
NGK
Spark
Plug
Company,
Ltd.
172,530
76,900
NHK
Spring
Company,
Ltd.
580,117
30,200
Nidec
Corporation
3,344,886
2,100
Nintendo
Company,
Ltd.
927,480
55
Nippon
Building
Fund,
Inc.
357,332
11
Nippon
REIT
Investment
Corporation
42,286
9,900
Nippon
Steel
Corporation
173,574
165,800
Nippon
Telegraph
and
Telephone
Corporation
4,645,541
39,600
Nissan
Chemical
Corporation
2,204,083
207,700
Nissan
Motor
Company,
Ltd.
a
1,057,164
20,400
Nitori
Holdings
Company,
Ltd.
3,747,694
31,100
Nitto
Kogyo
Corporation
462,750
51,000
Obayashi
Corporation
430,554
3,800
Ono
Pharmaceutical
Company,
Ltd.
79,731
37,500
Oracle
Corporation
Japan
3,548,419
171,400
ORIX
Corporation
3,406,799
18,400
PLENUS
Company,
Ltd.
313,235
17,300
Recruit
Holdings
Company,
Ltd.
1,150,779
187,700
Renesas
Electronics
Corporation
a
2,308,978
75,900
Resona
Holdings,
Inc.
285,126
14,900
Ryoyo
Electro
Corporation
310,278
38,400
Sangetsu
Company,
Ltd.
528,402
3,300
Sankyu,
Inc.
148,984
9,700
Sawai
Group
Holdings
Company,
Ltd.
427,908
48,000
Secom
Company,
Ltd.
3,272,278
114,600
Sekisui
House,
Ltd.
2,382,624
11,500
Seven
&
I
Holdings
Company,
Ltd.
482,825
31,600
Shin-Etsu
Chemical
Company,
Ltd.
5,635,325
50,300
Shionogi
&
Company,
Ltd.
3,279,576
15,700
SHO-BOND
Holdings
Company,
Ltd.
657,664
193,500
SoftBank
Corporation
2,641,213
12,200
SoftBank
Group
Corporation
660,476
23,100
Sony
Group
Corporation
2,674,896
27,300
Sumco
Corporation
521,665
197,700
Sumitomo
Corporation
2,817,159
Shares
Common
Stock
(98.9%)
Value
Japan
(20.4%)
-
continued
35,300
Sumitomo
Electric
Industries,
Ltd.
$
468,532
113,200
Sumitomo
Mitsui
Financial
Group,
Inc.
3,673,301
33,800
Sumitomo
Mitsui
Trust
Holdings,
Inc.
1,111,812
5,000
Taikisha,
Ltd.
142,803
26,100
Taisei
Corporation
818,996
24,800
Taiyo
Holdings
Company,
Ltd.
663,011
4,300
Takara
Standard
Company,
Ltd.
57,167
35,700
Takeda
Pharmaceutical
Company,
Ltd.
1,001,950
20,200
Terumo
Corporation
891,139
56,900
Toagosei
Company,
Ltd.
635,920
9,800
Tokyo
Electron,
Ltd.
4,567,124
27,100
Toppan
Forms
Company,
Ltd.
260,535
262,800
Toyota
Motor
Corporation
4,636,887
26,500
Tsubakimoto
Chain
Company
783,005
83,500
TV
Asahi
Holdings
Corporation
1,267,124
27,200
WealthNavi
,
Inc.
a
745,868
14,100
Yuasa
Trading
Company,
Ltd.
376,829
520,300
Z
Holdings
Corporation
3,230,033
Total
161,966,672
Jersey
(0.1%)
54,425
Breedon
Group
plc
72,994
14,647
Experian
plc
671,582
Total
744,576
Luxembourg
(1.0%)
340,277
B&M
European
Value
Retail
SA
2,948,067
16,528
Eurofins
Scientific
SE
1,950,556
138,315
Tenaris
SA
ADR
3,081,658
Total
7,980,281
Netherlands
(6.4%)
50,901
Aalberts
NV
2,817,308
77,321
ABN
AMRO
Group
NV
c
1,137,217
62,078
Airbus
Group
NV
a
7,963,510
20,785
ASML
Holding
NV
16,896,169
64,879
Euronext
NV
c
7,299,194
8,294
Ferrari
NV
1,968,063
39,949
ForFarmers
BV
190,497
3,704
JDE
Peet's
BV
107,857
34,610
Koninklijke
DSM
NV
7,561,549
28,327
Qiagen
NV
a
1,558,386
1,185
RHI
Magnesita
NV
54,458
6,023
Technip
Energies
NV
a
92,697
55,500
Unilever
NV
2,971,163
Total
50,618,068
New
Zealand
(0.1%)
95,007
Contact
Energy,
Ltd.
557,485
26,597
Meridian
Energy,
Ltd.
95,278
4,301
Spark
New
Zealand,
Ltd.
14,080
3,897
Xero
,
Ltd.
a
444,345
Total
1,111,188
Norway
(1.5%)
338,042
DNB
Bank
ASA
b
8,044,277
130,055
Equinor
ASA
3,295,377
13,414
Kahoot
!
ASA
a
80,420
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
34
Shares
Common
Stock
(98.9%)
Value
Norway
(1.5%)
-
continued
9,387
Yara
International
ASA
$
490,592
Total
11,910,666
Portugal
(0.2%)
108,126
Galp
Energia
SGPS
SA
1,123,209
Total
1,123,209
Singapore
(1.1%)
528,144
Ascendas
REIT
1,209,678
328,400
DBS
Group
Holdings,
Ltd.
7,674,006
71,359
Wing
Tai
Holdings,
Ltd.
102,659
Total
8,986,343
Spain
(0.4%)
400,418
Banco
Santander
SA
1,518,824
20,395
CIA
De
Distribucion
Integral
434,673
13,172
Industria
de
Diseno
Textil
SA
477,147
199,631
Mediaset
Espana
Comunicacion
SA
a
1,038,483
Total
3,469,127
Sweden
(3.7%)
8,662
AB
Industrivarden
,
Class
A
285,744
139,988
AB
Industrivarden
,
Class
C
4,553,611
4,931
Addtech
AB
110,317
144,946
Assa
Abloy
AB
4,253,102
86,663
Atlas
Copco
AB,
Class
A
5,580,986
21,858
Atlas
Copco
AB,
Class
B
1,184,569
151,128
Granges
AB
1,648,340
186,825
Hexpol
AB
2,186,351
8,159
Holmen
AB
362,228
76,596
Husqvarna
AB
b
1,091,563
22,740
Indutrade
AB
662,904
5,358
L
E
Lundbergforetagen
AB
308,906
49,940
Nobina
AB
c
478,350
49,492
Skandinaviska
Enskilda
Banken
AB
773,947
19,342
Skanska
AB
491,788
27,179
Stillfront
Group
AB
a
121,370
103,659
Svenska
Handelsbanken
AB
1,188,175
92,395
Swedbank
AB
2,003,928
30,331
Thule
Group
AB
c
1,752,541
20,334
Trelleborg
AB
465,397
449
Wihlborgs
Fastigheter
AB
10,645
Total
29,514,762
Switzerland
(10.9%)
348
Bachem
Holding
AG
280,126
27,143
Baloise
Holding
AG
4,325,511
4,114
Banque
Cantonale
Vaudoise
331,228
164
Barry
Callebaut
AG
379,800
211
Bucher
Industries
AG
106,490
2
Chocoladefabriken
Lindt
and
Spruengli
AG
240,061
44,499
Coca-Cola
HBC
AG
1,542,345
468
Ferguson
plc
70,417
1,553
Galenica
AG
c
113,752
4,252
Geberit
AG
3,320,613
84
Givaudan
SA
395,803
18,895
Holcim,
Ltd.
942,532
279
Lindt
&
Spruengli
AG
3,287,910
Lonza
Group
AG
3,416,224
117,302
Nestle
SA
15,472,982
181,560
Novartis
AG
15,017,325
Shares
Common
Stock
(98.9%)
Value
Switzerland
(10.9%)
-
continued
964
Partners
Group
Holding
AG
$
1,684,065
41,027
PSP
Swiss
Property
AG
5,128,625
4,018
Roche
Holding
AG
1,556,550
179
Siegfried
Holding
AG
172,170
21,200
Sika
AG
7,182,129
17,545
Sonova
Holding
AG
7,270,153
10,792
Swiss
Life
Holding
AG
5,920,132
10,143
Tecan
Group
AG
6,214,643
3,603
Temenos
AG
551,607
868
Vifor
Pharma
AG
112,081
985
Vontobel
Holding
AG
91,220
2,963
Zurich
Insurance
Group
AG
1,313,263
Total
86,439,757
United
Kingdom
(9.7%)
13,094
888
Holdings
Public
Company,
Ltd.
68,597
58,327
AstraZeneca
plc
7,296,790
704,461
Auto
Trader
Group
plc
c
5,840,292
52,818
Avacta
Group
plc
a
84,572
510,664
Barclays
plc
1,409,165
98,042
Barratt
Developments
plc
890,033
14,358
Bellway
plc
651,478
794,935
BP
plc
3,808,458
4,318
Coca-Cola
European
Partners
plc
227,343
18,244
Croda
International
plc
2,361,331
32,067
Dechra
Pharmaceuticals
plc
2,246,928
144,148
Diageo
plc
7,171,610
3,188
Diploma
plc
131,018
5,610
Genus
plc
425,416
11,361
Greggs
plc
474,855
270,834
Halma
plc
10,983,214
78,591
Howden
Joinery
Group
plc
989,323
7,709
Imperial
Brands
plc
162,669
31,742
InterContinental
Hotels
Group
plc
a
2,223,436
38,413
Intermediate
Capital
Group
plc
1,152,197
20,300
JD
Sports
Fashion
plc
302,570
94,033
John
Wood
Group
plc
a
274,204
2,831
LondonMetric
Property
plc
10,125
18,083
Mondi
plc
451,600
191,173
Moneysupermarket.com
Group
plc
555,022
133,333
PageGroup
plc
1,211,621
27,492
Paragon
Banking
Group
plc
206,369
44,607
Redde
Northgate
plc
242,967
208,455
RELX
plc
6,463,647
5,040
Rightmove
plc
47,641
16,844
Rio
Tinto
plc
1,050,249
228,091
Royal
Dutch
Shell
plc,
Class
A
5,225,312
367,613
Royal
Dutch
Shell
plc,
Class
B
8,436,251
13,742
Spirax-Sarco
Engineering
plc
2,933,498
38,227
Standard
Chartered
plc
258,529
242,448
Tritax
Big
Box
REIT
plc
746,119
Total
77,014,449
Total
Common
Stock
(cost
$641,464,965)
784,050,406
Shares
Collateral
Held
for
Securities
Loaned
(
1.1%
)
9,020,221
Thrivent
Cash
Management
Trust
9,020,221
Total
Collateral
Held
for
Securities
Loaned
(cost
$9,020,221)
9,020,221
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
35
Shares
Preferred
Stock
(
0.3%
)
Value
Germany
(0.3%)
8,953
Volkswagen
AG
$
2,009,340
Total
2,009,340
Total
Preferred
Stock
(cost
$2,288,648)
2,009,340
Shares
or
Principal
Amount
Short-Term
Investments
(
0.3%
)
Federal
Home
Loan
Bank
Discount
Notes
300,000
0.040%,
11/18/2021
d
299,994
500,000
0.040%,
12/1/2021
d
499,983
100,000
0.035%,
12/3/2021
d
99,997
300,000
0.020%,
1/5/2022
d
299,973
Thrivent
Core
Short-Term
Reserve
Fund
138,253
0.130%
1,382,534
Total
Short-Term
Investments
(cost
$2,582,497)
2,582,481
Total
Investments
(cost
$655,356,331)
100.6%
$797,662,448
Other
Assets
and
Liabilities,
Net
(0.6%)
(4,676,718)
Total
Net
Assets
100.0%
$792,985,730
a
Non-income
producing
security.
b
All
or
a
portion
of
the
security
is
on
loan.
c
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
October
31,
2021,
the
value
of
these
investments
was
$19,112,678
or
2.4%
of
total
net
assets.
d
The
interest
rate
shown
reflects
the
yield
.
The
following
table
presents
the
total
amount
of
securities
loaned
with
continuous
maturity,
by
type,
offset
by
the
gross
payable
upon
return
of
collateral
for
securities
loaned
by
Thrivent
Core
International
Equity
Fund
as
of
October
31,
2021:
Securities
Lending
Transactions
Common
Stock
$
7,727,463
Total
lending
$7,727,463
Gross
amount
payable
upon
return
of
collateral
for
securities
loaned
$9,020,221
Net
amounts
due
to
counterparty
$1,292,758
Definitions:
ADR
-
American
Depositary
Receipt,
which
are
certificates
for
an
underlying
foreign
security's
shares
held
by
an
issuing
U.S.
depository
bank.
REIT
-
Real
Estate
Investment
Trust
is
a
company
that
buys,
develops,
manages
and/or
sells
real
estate
assets.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
136,206,675
Gross
unrealized
depreciation
(11,544,870)
Net
unrealized
appreciation
(depreciation)
$
124,661,805
Cost
for
federal
income
tax
purposes
$
672,768,956
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
36
Reference
Description:
EAFE
-
Europe,
Australasia
and
Far
East
ICE
-
Intercontinental
Exchange
MSCI
-
Morgan
Stanley
Capital
International
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2021,
in
valuing
International
Equity
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
49,965,610
–
49,965,610
–
Consumer
Discretionary
70,493,632
–
70,493,632
–
Consumer
Staples
57,266,838
227,343
57,039,495
–
Energy
54,111,189
3,081,658
51,029,531
–
Financials
138,460,447
–
138,460,447
–
Health
Care
103,789,194
–
103,789,194
–
Industrials
136,869,394
–
136,869,394
–
Information
Technology
86,594,080
3,842,618
82,751,462
–
Materials
56,355,785
–
56,355,785
–
Real
Estate
20,399,431
–
20,399,431
–
Utilities
9,744,806
–
9,744,806
–
Preferred
Stock
Consumer
Discretionary
2,009,340
–
2,009,340
–
Short-Term
Investments
1,199,947
–
1,199,947
–
Subtotal
Investments
in
Securities
$787,259,693
$7,151,619
$780,108,074
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
1,382,534
Collateral
Held
for
Securities
Loaned
9,020,221
Subtotal
Other
Investments
$10,402,755
Total
Investments
at
Value
$797,662,448
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Other
Financial
Instruments
Total
Level
1
Level
2
Level
3
Liability
Derivatives
Futures
Contracts
231,687
231,687
–
–
Total
Liability
Derivatives
$231,687
$231,687
$–
$–
The
following
table
presents
International
Equity
Fund's
futures
contracts
held
as
of
October
31,
2021.
Investments
and/or
cash
totaling
$999,735
were
pledged
as
the
initial
margin
deposit
for
these
contracts.
Futures
Contracts
Description
Number
of
Contracts
Long/(Short)
Expiration
Date
Notional
Amount
Value
and
Unrealized
ICE
mini
MSCI
EAFE
Index
165
December
2021
$
19,533,387
(
$
231,687)
Total
Futures
Long
Contracts
$
19,533,387
(
$
231,687)
Total
Futures
Contracts
$
19,533,387
($231,687)
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
37
The
following
table
summarizes
the
fair
value
and
Statement
of
Assets
and
Liabilities
location,
as
of
October
31,
2021,
for
International
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure
as
discussed
under
item
(2)
Significant
Accounting
Policies
of
the
Notes
to
Financial
Statements.
Derivatives
by
risk
category
Statement
of
Assets
and
Liabilities
Location
Fair
Value
Liability
Derivatives
Equity
Contracts
Futures*
Net
Assets
-
Distributable
earnings/(accumulated
loss)
$
231,687
Total
Equity
Contracts
231,687
Total
Liability
Derivatives
$231,687
*
Includes
cumulative
appreciation/depreciation
of
futures
contracts
as
reported
in
the
Schedule
of
Investments. Only
current
day's
variation
margin
is
reported
within
the
Statement
of
Assets
and
Liabilities.
The
following
table
summarizes
the
net
realized
gains/(losses)
and
Statement
of
Operations
location,
for
the
period
ended
October
31,
2021,
for
International
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Realized
Gains/(Losses)
recognized
in
Income
Equity
Contracts
Futures
Net
realized
gains/(losses)
on
Futures
contracts
3,467,460
Total
Equity
Contracts
3,467,460
Total
$3,467,460
The
following
table
summarizes
the
change
in
net
unrealized
appreciation/(depreciation)
and
Statement
of
Operations
location,
for
the
period
ended
October
31,
2021,
for
International
Equity
Fund's
investments
in
financial
derivative
instruments
by
primary
risk
exposure.
Derivatives
by
risk
category
Statement
of
Operations
Location
Change
in
unrealized
appreciation/(depreciation)
recognized
in
Income
Equity
Contracts
Futures
Change
in
net
unrealized
appreciation/(depreciation)
on
Futures
contracts
289,360
Total
Equity
Contracts
289,360
Total
$289,360
The
following
table
presents
International
Equity
Fund's
average
volume
of
derivative
activity
during
the
period
ended
October
31,
2021.
Derivative
Risk
Category
Average
Notional
Value
Equity
Contracts
Futures
-
Long
$15,148,258
International
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
38
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
International
Equity
Fund,
is
as
follows:
Fund
Value
10/31/2020
Gross
Purchases
Gross
Sales
Value
10/31/2021
Shares
Held
at
10/31/2021
%
of
Net
Assets
10/31/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$1,061
$68,451
$68,129
$1,383
138
0.2%
Total
Affiliated
Short-Term
Investments
1,061
1,383
0.2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
8,557
188,906
188,443
9,020
9,020
1.1
Total
Collateral
Held
for
Securities
Loaned
8,557
9,020
1.1
Total
Value
$9,618
$10,403
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
10/31/2021
Affiliated
Registered
Investment
Companies
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$–
$–
$–
$2
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$2
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
1
138
Total
Affiliated
Income
from
Securities
Loaned,
Net
$138
Total
$–
$–
$1
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
39
Shares
Common
Stock
(
99.8%
)
Value
Communications
Services
(7.5%)
168,135
Activision
Blizzard,
Inc.
$
13,146,476
1,399
Alphabet,
Inc.,
Class
C
a
4,148,609
507,911
AT&T,
Inc.
12,829,832
134,075
Comcast
Corporation
6,895,477
89,508
Electronic
Arts,
Inc.
12,553,497
12,577
News
Corporation,
Class
A
288,013
6,027
RingCentral,
Inc.
a
1,469,262
19,276
Take-Two
Interactive
Software,
Inc.
a
3,488,956
17,883
T-Mobile
US,
Inc.
a
2,057,082
559,164
Verizon
Communications,
Inc.
29,630,100
645
Walt
Disney
Company
a
109,050
Total
86,616,354
Consumer
Discretionary
(4.7%)
4,004
AutoZone,
Inc.
a
7,146,500
21,244
Dollar
General
Corporation
4,705,971
11,229
Domino's
Pizza,
Inc.
5,490,644
30,691
Home
Depot,
Inc.
11,409,072
90,084
McDonald's
Corporation
22,120,126
190
NVR,
Inc.
a
930,012
11,650
Target
Corporation
3,024,573
Total
54,826,898
Consumer
Staples
(11.5%)
72,163
Altria
Group,
Inc.
3,183,110
92,840
Church
&
Dwight
Company,
Inc.
8,110,502
10,948
Clorox
Company
1,784,633
181,032
Coca-Cola
Company
10,204,774
191,444
Colgate-Palmolive
Company
14,586,118
24,620
Costco
Wholesale
Corporation
12,101,715
7,821
General
Mills,
Inc.
483,338
19,890
Hershey
Company
3,487,711
5,472
Kellogg
Company
335,434
314,549
Kroger
Company
12,588,251
3,342
McCormick
&
Company,
Inc.
268,129
258,647
Mondelez
International,
Inc.
15,710,219
44,178
Monster
Beverage
Corporation
a
3,755,130
82,938
PepsiCo,
Inc.
13,402,781
75,775
Philip
Morris
International,
Inc.
7,163,768
109,265
Procter
&
Gamble
Company
15,623,802
66,392
Sprouts
Farmers
Markets,
Inc.
a
1,469,919
55,004
Walmart,
Inc.
8,218,698
Total
132,478,032
Energy
(0.1%)
5,179
Chevron
Corporation
592,944
17,945
DT
Midstream,
Inc.
860,642
Total
1,453,586
Financials
(7.1%)
26,524
Aon
plc
8,485,558
22,255
Arthur
J.
Gallagher
&
Company
3,731,496
56,493
Berkshire
Hathaway,
Inc.
a
16,214,056
8,069
BlackRock,
Inc.
7,612,779
3,478
Cboe
Global
Markets,
Inc.
458,887
585
Financial
Institutions,
Inc.
18,673
38,297
Franklin
Resources,
Inc.
1,205,972
5,875
Hanmi
Financial
Corporation
130,366
19,316
HomeStreet
,
Inc.
910,943
16,607
Intercontinental
Exchange,
Inc.
2,299,405
84,535
Marsh
&
McLennan
Companies,
Inc.
14,100,438
Shares
Common
Stock
(99.8%)
Value
Financials
(7.1%)
-
continued
469
Midland
States
Bancorp,
Inc.
$
12,035
24,744
Moody's
Corporation
10,000,288
50,972
Nasdaq,
Inc.
10,697,494
27,655
T.
Rowe
Price
Group,
Inc.
5,997,816
Total
81,876,206
Health
Care
(21.2%)
73,310
Abbott
Laboratories
9,448,926
72,012
Agilent
Technologies,
Inc.
11,341,170
41,748
Amgen,
Inc.
8,640,584
139,480
Baxter
International,
Inc.
11,013,341
27,461
Becton,
Dickinson
and
Company
6,579,381
11,148
Bio-
Techne
Corporation
5,837,650
4,990
Chemed
Corporation
2,406,427
25,281
Danaher
Corporation
7,881,857
86,346
Eli
Lilly
and
Company
21,997,507
232,802
Gilead
Sciences,
Inc.
15,104,194
170,642
Johnson
&
Johnson
27,794,169
153,528
Medtronic
plc
18,401,866
168,609
Merck
&
Company,
Inc.
14,846,023
27,455
Moderna
,
Inc.
a
9,477,741
41,456
Regeneron
Pharmaceuticals,
Inc.
a
26,529,353
32,842
Stryker
Corporation
8,738,271
38,073
UnitedHealth
Group,
Inc.
17,531,474
30,752
Vertex
Pharmaceuticals,
Inc.
a
5,686,967
7,848
Waters
Corporation
a
2,884,532
11,357
West
Pharmaceutical
Services,
Inc.
4,882,147
40,771
Zoetis,
Inc.
8,814,690
Total
245,838,270
Industrials
(9.1%)
12,949
3M
Company
2,313,727
50,581
AMETEK,
Inc.
6,696,924
2,105
Deere
&
Company
720,563
4,312
Eaton
Corporation
plc
710,445
8,786
Expeditors
International
of
Washington,
Inc.
1,082,962
11,459
Honeywell
International,
Inc.
2,505,167
33,265
IDEX
Corporation
7,403,791
38,719
Illinois
Tool
Works,
Inc.
8,822,899
10,755
JB
Hunt
Transport
Services,
Inc.
2,120,778
17,424
L3Harris
Technologies,
Inc.
4,016,929
37,097
Landstar
System,
Inc.
6,522,024
35,555
Linde
plc
11,349,156
10,121
Lockheed
Martin
Corporation
3,363,411
27,104
PACCAR,
Inc.
2,429,060
93,731
Republic
Services,
Inc.
12,616,193
44,521
Union
Pacific
Corporation
10,747,369
23,058
Waste
Connections,
Inc.
3,136,119
119,770
Waste
Management,
Inc.
19,190,747
Total
105,748,264
Information
Technology
(27.0%)
89,099
Accenture
plc
31,967,830
42,809
Adobe,
Inc.
a
27,841,261
8,162
Amphenol
Corporation
626,597
56,817
Analog
Devices,
Inc.
9,857,181
35,260
Apple,
Inc.
5,281,948
34,215
Automatic
Data
Processing,
Inc.
7,680,925
18,370
Broadridge
Financial
Solutions,
Inc.
3,277,392
64,127
Cadence
Design
Systems,
Inc.
a
11,101,025
11,180
CDW
Corporation
2,086,747
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
40
Shares
Common
Stock
(99.8%)
Value
Information
Technology
(27.0%)
-
continued
76,412
Cisco
Systems,
Inc.
$
4,276,780
1,595
EPAM
Systems,
Inc.
a
1,073,818
21,032
Fidelity
National
Information
Services,
Inc.
2,329,084
1,121
Fortinet,
Inc.
a
377,037
130,582
Intel
Corporation
6,398,518
23,164
Intuit,
Inc.
14,500,432
100,460
Jack
Henry
&
Associates,
Inc.
16,724,581
90,534
Keysight
Technologies,
Inc.
a
16,297,931
18,431
KLA-Tencor
Corporation
6,870,339
11,645
Mastercard
,
Inc.
3,907,130
101,923
Microsoft
Corporation
33,799,705
14,351
Motorola
Solutions,
Inc.
3,567,515
20,023
Oracle
Corporation
1,921,007
137,061
Paychex,
Inc.
16,896,880
191
ServiceNow
,
Inc.
a
133,272
29,210
Synopsys,
Inc.
a
9,732,188
62,417
Texas
Instruments,
Inc.
11,701,939
33,175
Tyler
Technologies,
Inc.
a
18,021,323
43,731
VeriSign,
Inc.
a
9,737,582
84,239
Visa,
Inc.
17,839,293
38,224
Zoom
Video
Communications,
Inc.
a
10,498,222
19,045
Zscaler
,
Inc.
a
6,072,689
Total
312,398,171
Materials
(2.1%)
2,736
Air
Products
and
Chemicals,
Inc.
820,280
28,537
Avery
Dennison
Corporation
6,213,076
212,951
Newmont
Corporation
11,499,354
40,969
Royal
Gold,
Inc.
4,056,750
4,644
Sherwin-Williams
Company
1,470,337
Total
24,059,797
Real
Estate
(2.8%)
130,107
National
Storage
Affiliates
Trust
8,126,483
71,970
Public
Storage,
Inc.
23,906,995
Total
32,033,478
Utilities
(6.7%)
12,855
American
States
Water
Company
1,167,748
40,456
American
Water
Works
Company,
Inc.
7,046,626
117,163
CMS
Energy
Corporation
7,070,787
240,157
Consolidated
Edison,
Inc.
18,107,838
72,254
Entergy
Corporation
7,443,607
65,284
NextEra
Energy,
Inc.
5,570,684
478,684
NiSource,
Inc.
11,809,134
40,124
Portland
General
Electric
Company
1,978,515
80,074
Sempra
Energy
10,219,845
35,647
Southern
Company
2,221,521
76,819
Xcel
Energy,
Inc.
4,961,739
Total
77,598,044
Total
Common
Stock
(cost
$906,952,878)
1,154,927,100
Shares
Short-Term
Investments
(
0.1%
)
Value
Thrivent
Core
Short-Term
Reserve
Fund
121,136
0.130%
$
1,211,364
Total
Short-Term
Investments
(cost
$1,211,364)
1,211,364
Total
Investments
(cost
$908,164,242)
99.9%
$1,156,138,464
Other
Assets
and
Liabilities,
Net
0.1%
1,275,796
Total
Net
Assets
100.0%
$1,157,414,260
a
Non-income
producing
security.
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
256,461,186
Gross
unrealized
depreciation
(13,257,665)
Net
unrealized
appreciation
(depreciation)
$
243,203,521
Cost
for
federal
income
tax
purposes
$
912,934,943
Low
Volatility
Equity
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
41
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2021,
in
valuing
Low
Volatility
Equity
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Common
Stock
Communications
Services
86,616,354
86,616,354
–
–
Consumer
Discretionary
54,826,898
54,826,898
–
–
Consumer
Staples
132,478,032
132,478,032
–
–
Energy
1,453,586
1,453,586
–
–
Financials
81,876,206
81,876,206
–
–
Health
Care
245,838,270
245,838,270
–
–
Industrials
105,748,264
105,748,264
–
–
Information
Technology
312,398,171
312,398,171
–
–
Materials
24,059,797
24,059,797
–
–
Real
Estate
32,033,478
32,033,478
–
–
Utilities
77,598,044
77,598,044
–
–
Subtotal
Investments
in
Securities
$1,154,927,100
$1,154,927,100
$–
$–
Other
Investments *
Total
Affiliated
Short-Term
Investments
1,211,364
Subtotal
Other
Investments
$1,211,364
Total
Investments
at
Value
$1,156,138,464
*
Certain
investments
are
measured
at
fair
value
using
a
net
asset
value
per
share
that
is
not
publicly
available
(practical
expedient). According
to
disclosure
requirements
of
Accounting
Standards
Codification
(ASC)
820,
Fair
Value
Measurement,
securities
valued
using
the
practical
expedient
are
not
classified
in
the
fair
value
hierarchy. The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Statement
of
Assets
and
Liabilities.
Investment
in
Affiliates
Affiliated
issuers,
as
defined
under
the
Investment
Company
Act
of
1940,
include
those
in
which
the
Fund's
holdings
of
an
issuer
represent
5%
or
more
of
the
outstanding
voting
securities
of
an
issuer,
any
affiliated
mutual
fund,
or
a
company
which
is
under
common
ownership
or
control
with
the
Fund.
The
Fund
owns
shares
of
Thrivent
Cash
Management
Trust
for
the
purpose
of
securities
lending
and
Thrivent
Core
Short-Term
Reserve
Fund,
a
series
of
Thrivent
Core
Funds,
primarily
to
serve
as
a
cash
sweep
vehicle
for
the
Fund.
Thrivent
Cash
Management
Trust
and
Thrivent
Core
Funds
are
established
solely
for
investment
by
Thrivent
entities.
A
summary
of
transactions
(in
thousands;
values
shown
as
zero
are
less
than
$500)
for
the
fiscal
year
to
date,
in
Low
Volatility
Equity
Fund,
is
as
follows:
Fund
Value
10/31/2020
Gross
Purchases
Gross
Sales
Value
10/31/2021
Shares
Held
at
10/31/2021
%
of
Net
Assets
10/31/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$1,599
$28,641
$29,029
$1,211
121
0.1%
Total
Affiliated
Short-Term
Investments
1,599
1,211
0.1
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
4,196
17,946
22,142
–
–
–
Total
Collateral
Held
for
Securities
Loaned
4,196
–
–
Total
Value
$5,795
$1,211
Fund
Net
Realized
Gain/(Loss)
Change
in
Unrealized
Appreciation/
(Depreciation)
Distributions
of
Realized
Capital
Gains
Income
Earned
11/1/2020
-
10/31/2021
Affiliated
Short-Term
Investments
Core
Short-Term
Reserve,
0.130%
$2
$(2)
$–
$3
Total
Income/Non
Income
Cash
from
Affiliated
Investments
$3
Collateral
Held
for
Securities
Loaned
Cash
Management
Trust-
Collateral
Investment
–
–
0
9
Total
Affiliated
Income
from
Securities
Loaned,
Net
$9
Total
$2
$(2)
$0
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
42
Principal
Amount
Asset-Backed
Securities
(
3.4%
)
a
Value
AmeriCredit
Automobile
Receivables
Trust
$
14,955
0.135% ,
6/20/2022,
Ser.
2021-2
$
14,955
Canadian
Pacer
Auto
Receivables
Trust
16,648,345
0.121% ,
10/19/2022,
Ser.
2021-1A
b
16,647,088
Carvana
Auto
Receivables
Trust
99,038
0.129% ,
7/10/2022,
Ser.
2021-P2
99,038
15,797,763
0.158% ,
10/11/2022,
Ser.
2021-P3
15,797,902
Dell
Equipment
Finance
Trust
18,091,807
0.182% ,
9/22/2022,
Ser.
2021-2
b
18,091,219
DLLAD,
LLC
5,383,139
0.158% ,
8/22/2022,
Ser.
2021-1A
b
5,383,273
DLLMT,
LLC
24,000,000
0.229% ,
10/20/2022,
Ser.
2021-1A
b,c
23,998,512
Enterprise
Fleet
Financing,
LLC
10,140,391
0.175% ,
7/20/2022,
Ser.
2021-2
b
10,140,734
Exeter
Automobile
Receivables
Trust
5,968,473
0.104% ,
9/15/2022,
Ser.
2021-3A
5,968,390
Foursight
Capital
Automobile
Receivables
Trust
4,121,602
0.161% ,
7/15/2022,
Ser.
2021-2
b
4,121,634
HPEFS
Equipment
Trust
12,015,106
0.138% ,
6/20/2022,
Ser.
2021-2A
b
12,015,416
Kubota
Credit
Owner
Trust
14,358,522
0.165% ,
8/15/2022,
Ser.
2021-2A
b
14,359,294
MMAF
Equipment
Finance,
LLC
3,056,932
0.182% ,
5/13/2022,
Ser.
2021-A
b
3,057,246
NMEF
Funding,
LLC
3,788,330
0.341% ,
3/15/2022,
Ser.
2021-A
b
3,788,637
Oscar
US
Funding
Trust
5,786,717
0.162% ,
8/10/2022,
Ser.
2021-2A
b
5,784,841
Pawnee
Equipment
Receivables
22,000,000
0.302% ,
10/17/2022,
Ser.
2021-1
b
21,999,888
Santander
Drive
Auto
Receivables
Trust
1,177,117
0.141% ,
7/15/2022,
Ser.
2021-3
1,177,110
21,000,000
0.168% ,
11/15/2022,
Ser.
2021-4
20,999,320
Santander
Retail
Auto
Lease
Trust
12,656,503
0.130% ,
9/20/2022,
Ser.
2021-C
b
12,656,250
Westlake
Automobile
Receivables
Trust
5,661,297
0.149% ,
6/16/2022,
Ser.
2021-2A
b
5,661,286
Principal
Amount
Asset-Backed
Securities
(3.4%)
a
Value
World
Omni
Select
Auto
Trust
$
21,228,321
0.096% ,
10/14/2022,
Ser.
2021-A
$
21,227,531
Total
222,989,564
Principal
Amount
Basic
Materials
(
4.1%
)
a
Value
BASF
SE
10,600,000
0.115% ,
11/5/2021
b
10,599,835
25,000,000
0.125% ,
12/22/2021
b
24,995,425
25,000,000
0.130% ,
12/27/2021
b
24,994,715
25,000,000
0.130% ,
12/28/2021
b
24,994,583
EI
du
Pont
de
Nemours
&
Company
25,000,000
0.180% ,
12/13/2021
b
24,995,000
25,000,000
0.180% ,
12/14/2021
b
24,994,857
25,000,000
0.180% ,
12/20/2021
b
24,994,042
Nutrien
,
Ltd.
15,000,000
0.140% ,
11/3/2021
b
14,999,660
12,000,000
0.130% ,
11/9/2021
b
11,999,340
20,000,000
0.150% ,
11/15/2021
b
19,998,423
18,000,000
0.170% ,
12/10/2021
b
17,996,682
Sherwin-Williams
Company
17,000,000
0.120% ,
11/4/2021
b
16,999,507
25,000,000
0.124% ,
11/9/2021
b
24,998,640
Total
267,560,709
Principal
Amount
Capital
Goods
(
3.3%
)
a
Value
Amcor
Finance
USA,
Inc.
10,000,000
0.130% ,
11/1/2021
b,d
9,999,892
Amcor
Flexibles
North
America,
Inc.
20,000,000
0.170% ,
11/16/2021
b,d
19,998,550
Amphenol
Corporation
10,000,000
0.120% ,
11/9/2021
b
9,999,694
10,000,000
0.130% ,
11/16/2021
b
9,999,475
25,000,000
0.130% ,
11/22/2021
b
24,998,117
25,000,000
0.150% ,
12/2/2021
b
24,997,096
Caterpillar
Financial
Services
Corporation
11,340,000
0.347%
(LIBOR
3M
+
0.220%),
1/6/2022
e
11,344,903
23,000,000
0.856%
(LIBOR
3M
+
0.735%),
5/13/2022
e
23,084,205
5,149,000
0.706%
(LIBOR
3M
+
0.590%),
6/6/2022
e
5,165,783
General
Dynamics
Corporation
16,828,000
0.150% ,
12/7/2021
b
16,825,994
Honeywell
International,
Inc.
6,272,000
0.483% ,
8/19/2022
6,271,488
John
Deere
Capital
Corporation
5,000,000
0.604%
(LIBOR
3M
+
0.490%),
6/13/2022
e
5,013,762
17,955,000
0.595%
(LIBOR
3M
+
0.480%),
9/8/2022
e
18,020,359
Waste
Management,
Inc.
25,000,000
0.160% ,
11/1/2021
b,d
24,999,742
Total
210,719,060
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
43
Principal
Amount
Communications
Services
(
0.4%
)
a
Value
AT&T,
Inc.
$
25,000,000
0.110% ,
11/9/2021
b
$
24,999,007
Total
24,999,007
Principal
Amount
Consumer
Cyclical
(
6.2%
)
a
Value
American
Honda
Finance
Corporation
10,700,000
0.150% ,
11/16/2021
d
10,699,331
25,000,000
0.150% ,
11/18/2021
d
24,998,222
25,000,000
0.150% ,
11/22/2021
d
24,997,783
10,400,000
0.160% ,
12/7/2021
d
10,398,355
16,000,000
0.180% ,
1/10/2022
d
15,994,387
BMW
Finance
NV
27,000,000
0.913%
(LIBOR
3M
+
0.790%),
8/12/2022
b,e
27,151,060
BMW
US
Capital,
LLC
6,000,000
0.767%
(LIBOR
3M
+
0.640%),
4/6/2022
b,e
6,014,239
Home
Depot,
Inc.
20,000,000
0.430%
(LIBOR
3M
+
0.310%),
3/1/2022
e
20,017,788
Hyundai
Capital
America
25,000,000
0.170% ,
11/2/2021
b,d
24,999,722
25,000,000
0.140% ,
11/15/2021
b,d
24,998,784
25,000,000
0.150% ,
11/17/2021
b,d
24,998,588
Toyota
Finance
Australia,
Ltd.
15,000,000
0.130% ,
1/11/2022
d
14,996,454
Toyota
Financial
Services
de
Puerto
Rico,
Inc.
25,000,000
0.100% ,
12/27/2021
24,996,354
10,000,000
0.140% ,
1/24/2022
9,997,608
Toyota
Motor
Credit
Corporation
20,065,000
0.275%
(LIBOR
3M
+
0.150%),
2/14/2022
e
20,068,608
7,900,000
0.524%
(LIBOR
3M
+
0.400%),
5/17/2022
e
7,914,837
14,574,000
0.595%
(LIBOR
3M
+
0.480%),
9/8/2022
e
14,625,659
Volkswagen
Group
of
America
Finance
LLC
11,195,000
0.125% ,
11/10/2021
b,d
11,193,959
VW
Credit,
Inc.
25,000,000
0.180% ,
11/16/2021
b,d
24,998,313
25,413,000
0.181% ,
11/17/2021
b,d
25,411,163
7,000,000
0.170% ,
11/18/2021
b,d
6,999,463
25,000,000
0.170% ,
11/19/2021
b,d
24,997,958
Total
401,468,635
Principal
Amount
Consumer
Non-Cyclical
(
4.9%
)
a
Value
AbbVie,
Inc.
5,040,000
0.587%
(LIBOR
3M
+
0.460%),
11/19/2021
e
5,040,606
Astrazeneca
plc
25,000,000
0.120% ,
12/6/2021
b
24,993,667
25,000,000
0.120% ,
12/8/2021
b
24,993,333
25,000,000
0.120% ,
12/9/2021
b
24,993,167
25,000,000
0.120% ,
12/13/2021
b
24,992,500
Bristol-Myers
Squibb
Company
20,400,000
0.505%
(LIBOR
3M
+
0.380%),
5/16/2022
e
20,451,274
Principal
Amount
Consumer
Non-Cyclical
(4.9%)
a
Value
Danaher
Corporation
$
25,000,000
0.200% ,
11/9/2021
b,d
$
24,999,007
15,000,000
0.150% ,
11/16/2021
b,d
14,998,988
25,000,000
0.130% ,
11/18/2021
b,d
24,998,083
General
Mills,
Inc.
25,000,000
0.100% ,
11/17/2021
b
24,998,192
20,000,000
0.100% ,
11/18/2021
b
19,998,467
Nestle
Finance
International,
Ltd.
5,000,000
0.080% ,
11/5/2021
b,d
4,999,942
PepsiCo,
Inc.
10,000,000
0.491%
(LIBOR
3M
+
0.365%),
5/2/2022
e
10,017,586
Philip
Morris
International,
Inc.
5,000,000
2.625% ,
2/18/2022
5,024,728
Stanley
Black
&
Decker,
Inc.
15,000,000
0.090% ,
11/3/2021
b
14,999,854
UnitedHealth
Group,
Inc.
25,000,000
0.120% ,
12/28/2021
b
24,995,000
25,000,000
0.120% ,
12/30/2021
b
24,994,747
Total
320,489,141
Principal
Amount
Energy
(
1.2%
)
a
Value
Chevron
Corporation
11,421,000
0.655%
(LIBOR
3M
+
0.530%),
11/15/2021
e
11,423,057
5,000,000
0.599%
(LIBOR
3M
+
0.480%),
3/3/2022
e
5,008,193
Chevron
USA,
Inc.
5,000,000
0.233%
(LIBOR
3M
+
0.110%),
8/12/2022
e
5,003,200
Suncor
Energy,
Inc.
12,500,000
0.190% ,
11/15/2021
b,d
12,499,215
20,000,000
0.190% ,
11/16/2021
b,d
19,998,650
25,000,000
0.190% ,
12/2/2021
b,d
24,996,387
Total
78,928,702
Principal
Amount
Financials
(
37.7%
)
a
Value
ANZ
New
Zealand
International,
Ltd.
14,873,000
1.125%
(LIBOR
3M
+
1.000%),
1/25/2022
b,e
14,908,460
Australia
&
New
Zealand
Banking
Group,
Ltd.
27,690,000
1.001%
(LIBOR
3M
+
0.870%),
11/23/2021
b,e
27,702,828
15,000,000
0.146%
(LIBOR
3M
+
0.030%),
3/9/2022
b,e
15,001,408
Bank
of
Montreal
Chicago
25,000,000
0.169%
(BSBY1M
+
0.120%),
12/1/2021
e
24,995,000
10,000,000
0.147%
(LIBOR
3M
+
0.020%),
2/11/2022
e
10,000,108
10,000,000
0.168%
(LIBOR
3M
+
0.050%),
3/16/2022
e
10,001,463
15,000,000
0.166%
(LIBOR
3M
+
0.050%),
6/6/2022
e
15,001,111
Bank
of
Nova
Scotia
21,958,000
0.756%
(LIBOR
3M
+
0.640%),
3/7/2022
e
22,006,527
4,400,000
1.116%
(LIBOR
3M
+
1.000%),
3/14/2022
e
4,409,699
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
44
Principal
Amount
Financials
(37.7%)
a
Value
$
15,000,000
0.210%
(SOFRRATE
+
0.160%),
7/18/2022
e
$
15,003,284
Barclays
Bank
plc
25,000,000
0.110% ,
11/8/2021
b,d
24,999,465
7,325,000
0.170% ,
2/7/2022
b,d
7,321,835
Barton
Capital
SA
25,000,000
0.100% ,
11/1/2021
b,d
24,999,829
15,000,000
0.100% ,
11/3/2021
b,d
14,999,825
25,000,000
0.150% ,
1/27/2022
b,d
24,990,625
BNP
Paribas
SA
2,000,000
0.220% ,
2/1/2022
2,000,622
BPCE
SA
17,232,000
1.001%
(LIBOR
3M
+
0.880%),
5/31/2022
e
17,316,412
Canadian
Imperial
Bank
of
Commerce
6,180,000
0.214%
(LIBOR
3M
+
0.100%),
12/13/2021
e
6,181,136
25,000,000
0.232%
(LIBOR
3M
+
0.110%),
1/18/2022
e
25,008,183
11,000,000
0.838%
(LIBOR
3M
+
0.720%),
6/16/2022
e
11,047,697
15,000,000
0.180%
(FEDL
1M
+
0.100%),
7/26/2022
e
15,000,000
10,000,000
0.210%
(SOFRRATE
+
0.160%),
9/7/2022
e
10,000,973
Chariot
Funding,
LLC
37,302,000
0.120% ,
1/26/2022
b
37,290,104
Charles
Schwab
Corporation
2,955,000
0.100% ,
11/16/2021
b
2,954,879
15,000,000
0.120% ,
1/11/2022
b
14,996,793
Citigroup,
Inc.
25,008,000
2.900% ,
12/8/2021
25,019,407
5,750,000
4.500% ,
1/14/2022
5,795,998
Commonwealth
Bank
of
Australia
9,283,000
0.816%
(LIBOR
3M
+
0.700%),
3/10/2022
b,e
9,304,344
5,800,000
0.802%
(LIBOR
3M
+
0.680%),
9/18/2022
b,e
5,833,184
Cooperatieve
Centrale
Raiffeisen-
Boerenleenbank
BA
10,790,000
3.875% ,
2/8/2022
10,891,564
Cooperatieve
Rabobank
13,379,000
0.951%
(LIBOR
3M
+
0.830%),
1/10/2022
e
13,400,176
Cooperatieve
Rabobank
UA
25,000,000
0.117%
(LIBOR
1M
+
0.030%),
12/29/2021
e
25,000,349
Credit
Agricole
Corporate
and
Investment
Bank
15,000,000
0.200%
(SOFRRATE
+
0.150%),
7/15/2022
e
15,002,991
Credit
Agricole
SA
17,000,000
3.375% ,
1/10/2022
b
17,098,049
Credit
Suisse
AG
11,750,000
0.499%
(SOFRRATE
+
0.450%),
2/4/2022
e
11,759,752
FMS
Wertmanagement
25,000,000
0.100% ,
12/10/2021
b
24,997,375
10,000,000
0.100% ,
12/13/2021
b
9,998,875
2,000,000
0.100% ,
12/15/2021
b
1,999,762
40,000,000
0.103% ,
1/13/2022
b
39,989,782
25,000,000
0.125% ,
1/20/2022
b
24,992,795
Principal
Amount
Financials
(37.7%)
a
Value
$
25,000,000
0.115% ,
1/31/2022
b
$
24,991,448
25,000,000
0.140% ,
2/8/2022
b
24,990,508
Glaxosmithkline
Finance
plc
15,000,000
0.080% ,
11/1/2021
b,d
14,999,910
Goldman
Sachs
Bank
USA
25,000,000
0.160%
(SOFRRATE
+
0.110%),
2/3/2022
e
25,003,756
15,000,000
0.220%
(SOFRRATE
+
0.170%),
7/26/2022
e
15,001,714
25,000,000
0.209%
(SOFRRATE
+
0.160%),
9/8/2022
e
24,997,465
Goldman
Sachs
Group,
Inc.
10,392,000
5.750% ,
1/24/2022
10,521,005
GS
International
15,000,000
0.150% ,
1/14/2022
b
14,995,925
Healthpeak
Properties,
Inc.
25,000,000
0.170% ,
11/3/2021
b
24,999,444
22,000,000
0.170%
b
21,998,924
HSBC
Holdings
plc
13,000,000
1.633%
(LIBOR
3M
+
1.500%),
1/5/2022
e
13,031,788
25,000,000
2.650% ,
1/5/2022
25,101,694
Intercontinental
Exchange,
Inc.
5,000,000
0.160% ,
11/3/2021
b
4,999,876
25,000,000
0.160% ,
11/4/2021
b
24,999,600
5,000,000
0.160% ,
11/9/2021
b
4,999,705
6,000,000
0.160% ,
11/16/2021
b
5,999,340
7,000,000
0.200% ,
11/29/2021
b
6,998,847
Jupiter
Securitization
Company,
LLC
10,000,000
0.080% ,
11/19/2021
b,d
9,999,452
KeyBank
NA
10,000,000
0.941%
(LIBOR
3M
+
0.810%),
11/22/2021
e
10,004,892
La
Fayette
Asset
Securitization,
LLC
5,000,000
0.100% ,
11/22/2021
b,d
4,999,683
Lime
Funding,
LLC
25,000,000
0.120% ,
11/4/2021
b
24,999,650
20,008,000
0.150% ,
1/6/2022
b
20,003,015
10,778,000
0.150% ,
1/21/2022
b
10,774,731
Macquarie
Bank,
Ltd.
24,082,000
0.578%
(LIBOR
3M
+
0.450%),
11/24/2021
b,e
24,088,315
25,000,000
0.140% ,
1/10/2022
b
24,993,460
Metropolitan
Life
Global
Funding
I
10,200,000
3.375% ,
1/11/2022
b
10,262,013
Mitsubishi
UFJ
Trust
&
Banking
Corporation
25,000,000
0.130% ,
11/23/2021
25,000,729
Mizuho
Bank,
Ltd.
9,300,000
0.230% ,
11/17/2021
9,300,809
Mizuho
Securities
USA,
LLC
10,000,000
0.180% ,
2/14/2022
b
10,000,351
Morgan
Stanley
13,100,000
2.625% ,
11/17/2021
13,112,945
National
Australia
Bank,
Ltd.
5,500,000
0.834%
(LIBOR
3M
+
0.710%),
11/4/2021
b,e
5,500,220
15,000,000
0.181%
(LIBOR
3M
+
0.060%),
11/5/2021
b,e
15,000,164
5,815,000
1.011%
(LIBOR
3M
+
0.890%),
1/10/2022
b,e
5,824,968
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
45
Principal
Amount
Financials
(37.7%)
a
Value
$
25,000,000
0.140%
(FEDL
1M
+
0.060%),
3/15/2022
b,e
$
24,999,065
25,000,000
0.172%
(LIBOR
3M
+
0.040%),
3/25/2022
b,e
25,003,787
10,000,000
0.851%
(LIBOR
3M
+
0.720%),
5/22/2022
b,e
10,038,486
10,000,000
0.180%
(SOFRRATE
+
0.130%),
8/31/2022
b,e
9,998,448
11,805,000
0.524%
(LIBOR
3M
+
0.410%),
12/13/2022
b,e
11,849,267
Nationwide
Building
Society
10,000,000
0.130% ,
1/13/2022
b
9,997,762
25,000,000
0.140% ,
1/28/2022
b
24,992,417
New
York
Life
Global
Funding
25,190,000
0.410%
(LIBOR
3M
+
0.280%),
1/21/2022
b,e
25,208,384
20,801,000
0.636%
(LIBOR
3M
+
0.520%),
6/10/2022
b,e
20,867,591
22,350,000
0.561%
(LIBOR
3M
+
0.440%),
7/12/2022
b,e
22,419,218
25,000,000
0.401%
(LIBOR
3M
+
0.280%),
1/10/2023
b,e
25,058,874
Nieuw
Amsterdam
Receivables
Corporation
25,000,000
0.090% ,
11/8/2021
b,d
24,999,396
25,000,000
0.120% ,
1/18/2022
b,d
24,993,588
Nordea
Bank
Abp
10,000,000
0.141%
(LIBOR
3M
+
0.020%),
4/11/2022
e
10,001,550
25,000,000
0.155%
(LIBOR
3M
+
0.030%),
8/19/2022
e
25,000,937
Old
Line
Funding,
LLC
25,000,000
0.156%
(LIBOR
3M
+
0.020%),
1/28/2022
b,d,e
25,002,022
25,000,000
0.130% ,
2/15/2022
b,d
24,990,463
25,000,000
0.150%
(FEDL
1M
+
0.070%),
2/16/2022
b,d,e
25,000,000
25,000,000
0.143%
(LIBOR
3M
+
0.020%),
2/23/2022
b,d,e
25,001,132
25,000,000
0.136%
(LIBOR
1M
+
0.050%),
5/2/2022
b,d,e
25,000,855
PNC
Bank
NA
5,150,000
2.550% ,
12/9/2021
5,152,350
8,445,000
0.635%
(LIBOR
3M
+
0.500%),
7/27/2022
e
8,470,926
7,500,000
0.546%
(LIBOR
3M
+
0.430%),
12/9/2022
e
7,503,114
4,964,000
2.028%
0,
12/9/2022
e
4,971,219
Realty
Income
Corporation
25,000,000
0.140% ,
11/1/2021
24,999,625
25,000,000
0.180% ,
11/15/2021
24,997,840
Regatta
Funding
Company,
LLC
25,000,000
0.180% ,
2/2/2022
b,d
24,989,200
Royal
Bank
of
Canada
10,000,000
0.206%
(LIBOR
3M
+
0.090%),
12/7/2021
e
10,001,403
15,000,000
0.206%
(LIBOR
3M
+
0.090%),
12/10/2021
e
15,002,237
10,000,000
0.848%
(LIBOR
3M
+
0.730%),
2/1/2022
e
10,018,358
15,000,000
0.144%
(LIBOR
3M
+
0.020%),
2/17/2022
e
15,000,736
25,000,000
0.164%
(LIBOR
3M
+
0.050%),
3/11/2022
e
25,004,250
Principal
Amount
Financials
(37.7%)
a
Value
$
5,200,000
0.599%
(LIBOR
3M
+
0.470%),
4/29/2022
e
$
5,211,746
15,000,000
0.161%
(LIBOR
3M
+
0.030%),
5/20/2022
e
15,000,393
15,000,000
0.148%
(LIBOR
3M
+
0.030%),
6/7/2022
e
15,000,707
10,000,000
0.179%
(LIBOR
3M
+
0.050%),
8/1/2022
e
10,002,062
9,051,000
0.482%
(LIBOR
3M
+
0.360%),
1/17/2023
e
9,078,419
Simon
Property
Group,
LP
18,000,000
0.160% ,
11/8/2021
b
17,999,350
10,000,000
0.150% ,
11/9/2021
b
9,999,603
20,500,000
0.170% ,
11/15/2021
b
20,498,712
8,000,000
0.150% ,
11/17/2021
b
7,999,422
20,000,000
0.150% ,
11/22/2021
b
19,998,093
24,472,000
0.150% ,
11/29/2021
b
24,468,818
Skandinaviska
Enskilda
Banken
AB
8,000,000
0.189%
(LIBOR
3M
+
0.070%),
12/3/2021
e
8,000,876
25,000,000
0.100% ,
12/28/2021
b
24,996,667
Standard
Chartered
Bank
6,000,000
0.250% ,
1/20/2022
6,001,546
Sumitomo
Mitsui
Banking
Corporation
4,750,000
0.090% ,
11/18/2021
b
4,749,823
7,000,000
0.160% ,
11/18/2021
7,000,323
25,000,000
0.170% ,
1/18/2022
25,002,752
Suncorp-
Metway
,
Ltd.
15,000,000
0.210% ,
3/28/2022
b
14,986,875
Svenska
Handelsbanken
AB
25,000,000
0.144%
(LIBOR
3M
+
0.020%),
2/17/2022
b,e
25,000,495
Svenska
Handelsbanken
NY
10,000,000
0.181%
(LIBOR
3M
+
0.060%),
11/5/2021
e
10,000,114
15,000,000
0.135%
(LIBOR
3M
+
0.010%),
2/8/2022
e
14,999,732
25,000,000
0.137%
(LIBOR
3M
+
0.010%),
2/11/2022
e
24,999,579
25,000,000
0.158%
3M
+
0.030%),
5/10/2022
e
25,000,462
5,200,000
0.158%
(LIBOR
3M
+
0.030%),
7/22/2022
e
5,200,545
15,000,000
0.164%
(LIBOR
3M
+
0.040%),
10/19/2022
e
15,002,430
Swedbank
AB
7,000,000
0.100% ,
12/16/2021
6,999,477
9,500,000
0.816%
(LIBOR
3M
+
0.700%),
3/14/2022
b,e
9,520,710
15,000,000
0.161%
(LIBOR
3M
+
0.030%),
8/18/2022
e
14,998,237
15,000,000
0.144%
(LIBOR
3M
+
0.030%),
9/13/2022
e
14,998,539
Thunder
Bay
Funding,
LLC
25,000,000
0.150%
(FEDL
1M
+
0.070%),
3/16/2022
b,d,e
25,000,000
25,000,000
0.150%
(LIBOR
3M
+
0.020%),
4/21/2022
b,d,e
25,002,111
Toronto-Dominion
Bank
10,000,000
0.143%
(BSBY3M
+
0.050%),
12/9/2021
e
10,000,000
25,000,000
0.148%
(LIBOR
3M
+
0.020%),
2/10/2022
b,e
25,000,463
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
46
Principal
Amount
Financials
(37.7%)
a
Value
$
15,000,000
0.145%
(LIBOR
3M
+
0.020%),
2/14/2022
e
$
15,000,398
25,000,000
0.145%
(LIBOR
3M
+
0.020%),
2/18/2022
e
25,000,969
15,000,000
0.260%
(SOFRRATE
+
0.210%),
6/3/2022
b,e
15,009,141
10,000,000
0.190%
(FEDL
1M
+
0.110%),
8/12/2022
e
10,000,785
Truist
Bank
5,250,000
2.625% ,
1/15/2022
5,265,081
5,000,000
0.714%
(LIBOR
3M
+
0.590%),
5/17/2022
e
5,011,549
Truist
Financial
Corporation
11,834,000
2.700% ,
1/27/2022
11,878,343
U.S.
Bancorp
3,670,000
2.625% ,
1/24/2022
3,682,367
U.S.
Bank
NA
32,592,000
0.310%
(LIBOR
3M
+
0.180%),
1/21/2022
e
32,598,902
3,000,000
1.800% ,
1/21/2022
3,006,696
20,000,000
0.571%
(LIBOR
3M
+
0.440%),
5/23/2022
e
20,036,994
Victory
Receivables
Corporation
18,800,000
0.120% ,
12/2/2021
b,d
18,798,278
6,760,000
0.140% ,
1/6/2022
b,d
6,758,497
25,000,000
0.150% ,
1/26/2022
b,d
24,992,027
Westpac
Banking
Corporation
15,000,000
0.134%
(LIBOR
3M
+
0.010%),
2/4/2022
b,e
14,999,972
10,000,000
0.180%
(SOFRRATE
+
0.130%),
9/1/2022
e
9,998,606
0.691%
(LIBOR
3M
+
0.570%),
1/11/2023
e
4,022,617
Total
2,472,033,818
Principal
Amount
Foreign
(
0.3%
)
a
Value
Caisse
d'Amortissement
de
la
Dette
Sociale
5,500,000
0.120% ,
1/27/2022
b
5,498,075
15,000,000
0.160% ,
3/7/2022
b
14,991,615
Total
20,489,690
Principal
Amount
Technology
(
0.8%
)
a
Value
Apple,
Inc.
22,320,000
0.477%
(LIBOR
3M
+
0.350%),
5/11/2022
e
22,363,309
Intel
Corporation
30,000,000
0.477%
(LIBOR
3M
+
0.350%),
5/11/2022
e
30,053,303
Total
52,416,612
Principal
Amount
Transportation
(
0.6%
)
a
Value
Union
Pacific
Corporation
15,000,000
0.150% ,
11/3/2021
b
14,999,742
25,000,000
0.180% ,
1/5/2022
b
24,996,102
Total
39,995,844
Principal
Amount
U.S.
Government
&
Agencies
(
18.6%
)
a
Value
Federal
Agricultural
Mortgage
Corporation
$
21,500,000
0.086%
(LIBOR
1M
+
FLAT),
11/22/2021
e
$
21,501,166
9,000,000
0.082%
(LIBOR
1M
+
FLAT),
12/1/2021
e
9,000,652
20,500,000
0.110%
(LIBOR
3M
+
(0.010)%),
12/2/2021
e
20,501,575
44,000,000
0.061%
(LIBOR
1M
+
(0.025)%),
12/10/2021
e
44,001,406
2,885,000
0.005%
(LIBOR
3M
+
(0.120)%),
12/22/2021
e
2,884,882
5,000,000
0.210%
(LIBOR
3M
+
0.080%),
1/3/2022
e
5,002,028
64,000,000
0.116%
(LIBOR
1M
+
0.030%),
1/21/2022
e
64,002,351
98,585,000
0.024%
(LIBOR
3M
+
(0.100)%),
1/25/2022
e
98,593,083
65,745,000
0.025%
(LIBOR
3M
+
(0.100)%),
2/18/2022
e
65,737,879
22,885,000
0.029%
(LIBOR
3M
+
(0.100)%),
2/25/2022
e
22,883,406
Federal
Farm
Credit
Bank
25,000,000
0.205%
(LIBOR
1M
+
0.130%),
11/5/2021
e
25,000,397
80,000,000
0.008%
(LIBOR
3M
+
(0.120)%),
11/10/2021
e
79,999,771
98,920,000
0.066%
(LIBOR
1M
+
(0.020)%),
11/16/2021
e
98,922,913
200,000,000
0.070%
(LIBOR
1M
+
(0.010)%),
12/2/2021
e
200,006,448
30,000,000
0.026%
(LIBOR
3M
+
(0.090)%),
12/15/2021
e
30,001,573
25,000,000
0.117%
(LIBOR
1M
+
0.030%),
12/29/2021
e
25,002,831
10,305,000
0.326%
(LIBOR
1M
+
0.240%),
1/18/2022
e
10,310,816
8,225,000
0.165%
(LIBOR
1M
+
0.080%),
7/13/2022
e
8,227,608
16,200,000
0.158%
(LIBOR
1M
+
0.080%),
9/6/2022
e
16,207,917
Federal
Home
Loan
Bank
5,775,000
0.000%
(LIBOR
3M
+
(0.120)%),
11/3/2021
e
5,775,013
7,670,000
0.066%
(LIBOR
1M
+
(0.020)%),
12/17/2021
e
7,670,041
89,400,000
0.074%
(LIBOR
1M
+
(0.015)%),
12/23/2021
e
89,405,161
Federal
Home
Loan
Mortgage
Corporation
15,000,000
0.200%
(SOFRRATE
+
0.150%),
3/4/2022
e
15,007,769
Federal
National
Mortgage
Association
24,000,000
0.200%
(SOFRRATE
+
0.150%),
12/10/2021
e
24,003,221
10,000,000
0.220%
(SOFRRATE
+
0.170%),
3/9/2022
e
10,006,106
25,000,000
0.240%
(SOFRRATE
+
0.190%),
5/27/2022
e
25,026,194
U.S.
International
Development
Finance
Corporation
4,000,000
0.090%
(T-BILL
3M
+
FLAT),
5/15/2026
e
4,000,000
11,540,000
0.090%
(T-BILL
3M
+
FLAT),
6/20/2028
e
11,540,000
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
47
Principal
Amount
U.S.
Government
&
Agencies
(18.6%)
a
Value
$
7,810,200
0.090%
(T-BILL
3M
+
FLAT),
9/2/2031
e
$
7,810,200
13,354,700
0.080%
(T-BILL
3M
+
FLAT),
3/15/2032
e
13,354,700
13,675,214
0.080%
(T-BILL
3M
+
FLAT),
6/15/2032
e
13,675,213
U.S.
Treasury
Bills
10,000,000
0.080% ,
12/7/2021
9,999,438
51,200,000
0.091% ,
12/21/2021
51,194,845
10,000,000
0.082% ,
12/23/2021
9,998,808
46,350,000
0.093% ,
12/28/2021
c
46,343,945
20,600,000
0.071% ,
12/30/2021
20,597,130
Total
1,213,196,486
Principal
Amount
U.S.
Municipals
(
1.6%
)
a
Value
California
State
18,320,000
0.100% ,
11/2/2021
d
18,320,077
City
of
Austin,
TX
10,450,000
0.080% ,
11/1/2021
d
10,450,017
Harris
County,
TX
27,575,000
0.090% ,
11/17/2021
d
27,575,000
8,500,000
0.090% ,
11/17/2021
d
8,500,000
Los
Angeles
County
Metropolitan
Transportation
Auth.
15,000,000
0.110% ,
11/3/2021
d
15,000,066
17,500,000
0.120% ,
1/19/2022
d
17,500,389
Massachusetts
Educational
Financing
Auth.
7,000,000
0.090% ,
11/4/2021
d
7,000,029
Total
104,345,578
Principal
Amount
Utilities
(
19.0%
)
a
Value
Ameren
Corporation
25,000,000
0.120% ,
11/1/2021
24,999,729
15,000,000
0.150% ,
11/2/2021
14,999,783
25,000,000
0.140% ,
11/12/2021
24,998,736
American
Electric
Power
Company,
Inc.
18,000,000
0.120% ,
11/1/2021
b
17,999,805
25,000,000
0.170% ,
11/2/2021
b
24,999,639
25,000,000
0.170% ,
11/12/2021
b
24,998,736
15,000,000
0.140% ,
11/15/2021
b
14,999,058
Centerpoint
Energy,
Inc.
20,000,000
0.160% ,
11/4/2021
b
19,999,567
12,500,000
0.140% ,
11/16/2021
b
12,499,156
10,000,000
0.140% ,
11/17/2021
b
9,999,277
Consolidated
Edison,
Inc.
21,310,000
0.140% ,
11/8/2021
b
21,309,467
22,000,000
0.120% ,
11/9/2021
b
21,999,395
25,000,000
0.130% ,
11/12/2021
b
24,999,125
Dominion
Energy,
Inc.
15,000,000
0.170% ,
11/8/2021
b
14,999,458
25,000,000
0.160% ,
11/15/2021
b
24,998,430
25,000,000
0.153% ,
11/16/2021
b
24,998,312
35,000,000
0.177% ,
12/6/2021
b
34,994,274
25,000,000
0.170% ,
12/8/2021
b
24,995,639
DTE
Energy
Company
16,000,000
0.100% ,
11/2/2021
b,d
15,999,769
25,000,000
0.100% ,
11/4/2021
b,d
24,999,458
25,000,000
0.100% ,
11/5/2021
b,d
24,999,368
Principal
Amount
Utilities
(19.0%)
a
Value
Duke
Energy
Corporation
$
5,010,000
0.070% ,
11/1/2021
b
$
5,009,954
20,000,000
0.110% ,
11/16/2021
b
19,998,950
Entergy
Corporation
11,190,000
0.100% ,
11/1/2021
b
11,189,896
25,000,000
0.180% ,
11/17/2021
b
24,997,546
25,000,000
0.180% ,
11/19/2021
b
24,997,171
15,000,000
0.180% ,
11/22/2021
b
14,998,070
Eversource
Energy
15,000,000
0.130% ,
11/4/2021
b
14,999,690
25,000,000
0.120% ,
11/8/2021
b
24,999,118
ITC
Holdings
Corporation
9,777,000
0.200% ,
11/10/2021
b
9,776,576
18,000,000
0.180% ,
11/22/2021
b
17,998,284
25,000,000
0.220% ,
1/20/2022
b
24,988,760
Magellan
Midstream
Partners,
LP
2,820,000
0.130% ,
11/8/2021
b
2,819,898
7,000,000
0.170% ,
11/19/2021
b
6,999,428
12,000,000
0.130% ,
11/22/2021
b
11,998,856
National
Rural
Utilities
Cooperative
Finance
25,000,000
0.100% ,
11/1/2021
24,999,850
25,000,000
0.090% ,
11/3/2021
24,999,743
Nextera
Energy
Capital
Holdings
25,000,000
0.150% ,
11/16/2021
b,d
24,998,313
25,000,000
0.150% ,
11/18/2021
b,d
24,998,083
20,000,000
0.170% ,
12/30/2021
b,d
19,993,766
NiSource,
Inc.
20,000,000
0.140% ,
11/10/2021
b
19,999,133
25,000,000
0.160% ,
12/10/2021
b
24,995,392
Public
Service
Enterprise
Group,
Inc.
25,000,000
0.160% ,
11/4/2021
b
24,999,458
50,000,000
0.155% ,
11/5/2021
b
49,998,736
25,000,000
0.160% ,
11/9/2021
b
24,999,007
25,000,000
0.180% ,
12/20/2021
b
24,993,897
Southern
Company
25,000,000
0.120% ,
11/4/2021
b
24,999,458
Southern
Company
Gas
Capital
Corporation
14,555,000
0.120% ,
11/3/2021
b,d
14,554,737
TransCanada
American
Investments,
Ltd.
12,500,000
0.220% ,
11/5/2021
b
12,499,684
17,500,000
0.210% ,
11/8/2021
b
17,499,368
11,000,000
0.220% ,
11/18/2021
b
10,999,157
25,000,000
0.160% ,
11/19/2021
b
24,997,958
Virginia
Electric
&
Power
Company
25,000,000
0.150% ,
11/8/2021
24,999,118
10,000,000
0.130% ,
11/23/2021
9,999,049
WEC
Energy
Group,
Inc.
25,000,000
0.140% ,
11/2/2021
b
24,999,639
20,000,000
0.150% ,
11/3/2021
b
19,999,639
25,000,000
0.150% ,
11/8/2021
b
24,999,097
13,000,000
0.140% ,
11/9/2021
b
12,999,484
17,000,000
0.150% ,
11/16/2021
b
16,998,853
Xcel
Energy,
Inc.
25,000,000
0.150% ,
11/3/2021
b
24,999,549
Short-Term
Reserve
Fund
Schedule
of
Investments
as
of
October
31,
2021
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
schedule.
48
Principal
Amount
Utilities
(19.0%)
a
Value
$
25,000,000
0.110% ,
11/5/2021
b
$
24,999,368
Total
1,246,077,914
Total
Investments
(cost
$6,675,799,324)
102.1%
$6,675,710,760
Other
Assets
and
Liabilities,
Net
(2.1)%
(137,531,493)
Total
Net
Assets
100.0%
$6,538,179,267
a
The
interest
rate
shown
reflects
the
yield,
coupon
rate
or
the
discount
rate
at
the
date
of
purchase.
b
Denotes
securities
sold
under
Rule
144A
of
the
Securities
Act
of
1933,
which
exempts
them
from
registration.
These
securities
may
be
resold
to
other
dealers
in
the
program
or
to
other
qualified
institutional
buyers.
As
of
October
31,
2021,
the
value
of
these
investments
was
$3,719,852,260
or
56.9%
of
total
net
assets.
c
Denotes
investments
purchased
on
a
when-issued
or
delayed-delivery
basis.
d
Denotes
investments
that
benefit
from
credit
enhancement
or
liquidity
support
provided
by
a
third
party
bank,
institution
or
government.
e
Denotes
variable
rate
securities.
The
rate
shown
is
as
of
October
31,
2021.
The
rates
of
certain
variable
rate
securities
are
based
on
a
published
reference
rate
and
spread;
these
may
vary
by
security
and
the
reference
rate
and
spread
are
indicated
in
their
description. The
rates
of
other
variable
rate
securities
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions. These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description.
Definitions:
Auth.
-
Authority
Ser.
-
Series
Reference
Rate
Index:
BSBY1M
-
Bloomberg
Short-Term
Bank
Yield
1
Month
BSBY3M
-
Bloomberg
Short-Term
Bank
Yield
3
Month
FEDL
1M
-
Federal
Funds
1
Month
Rate
LIBOR
1M
-
ICE
Libor
USD
Rate
1
Month
LIBOR
3M
-
ICE
Libor
USD
Rate
3
Month
SOFRRATE
-
Secured
Overnight
Financing
Rate
T-BILL
3M
-
U.
S.
Treasury
Bill
Rate
3
Month
Unrealized
Appreciation
(Depreciation)
Gross
unrealized
appreciation
and
depreciation
of
investments
of
the
portfolio
as
a
whole
(including
derivatives),
based
on
cost
for
federal
income
tax
purposes,
were
as
follows:
Gross
unrealized
appreciation
$
207,502
Gross
unrealized
depreciation
(296,066)
Net
unrealized
appreciation
(depreciation)
$
(88,564)
Cost
for
federal
income
tax
purposes
$
6,675,799,324
Fair
Valuation
Measurements
The
following
table
is
a
summary
of
the
inputs
used,
as
of
October
31,
2021,
in
valuing
Short-Term
Reserve
Fund's
assets
carried
at
fair
value.
Investments
in
Securities
Total
Level
1
Level
2
Level
3
Asset-Backed
Securities
222,989,564
–
222,989,564
–
Basic
Materials
267,560,709
–
267,560,709
–
Capital
Goods
210,719,060
–
210,719,060
–
Communications
Services
24,999,007
–
24,999,007
–
Consumer
Cyclical
401,468,635
–
401,468,635
–
Consumer
Non-Cyclical
320,489,141
–
320,489,141
–
Energy
78,928,702
–
78,928,702
–
Financials
2,472,033,818
–
2,472,033,818
–
Foreign
20,489,690
–
20,489,690
–
Technology
52,416,612
–
52,416,612
–
Transportation
39,995,844
–
39,995,844
–
U.S.
Government
&
Agencies
1,213,196,486
–
1,213,196,486
–
U.S.
Municipals
104,345,578
–
104,345,578
–
Utilities
1,246,077,914
–
1,246,077,914
–
Total
Investments
at
Value
$6,675,710,760
$–
$6,675,710,760
$–
Thrivent
Core
Funds
Statement
of
Assets
and
Liabilities
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
50
As
of
October
31,
2021
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
International
Equity
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$1,086,807,611
$491,438,066
$644,953,576
Investments
in
affiliated
securities
at
cost
$32,379,749
$3,952,414
$10,402,755
Investments
in
unaffiliated
securities
at
value
(#)
1,099,716,481
545,364,026
787,259,693
Investments
in
affiliated
securities
at
value
32,379,749
3,952,414
10,402,755
Cash
82,250
7,774,236
(a)
—
Initial
margin
deposit
on
open
futures
contracts
—
864,813
999,735
Dividends
and
interest
receivable
13,877,651
568,543
4,166,034
Prepaid
expenses
2,995
2,423
2,550
Prepaid
trustee
fees
1,012
1,012
1,012
Receivable
for:
Investments
sold
1,332,864
417,620
38,107
Total
Assets
1,147,393,002
558,945,087
802,869,886
Liabilities
Accrued
expenses
47,170
435,686
164,756
Cash
overdraft
—
—
537,446
(b)
Payable
for:
Investments
purchased
1,983,300
2,981,090
34,496
Return
of
collateral
for
securities
loaned
17,237,683
3,102,124
9,020,221
Foreign
capital
gain
tax
liability
—
1,434,876
—
Variation
margin
on
open
future
contracts
—
206,340
114,675
Administrative
service
fees
16,346
8,019
11,221
Director
deferred
compensation
1,341
518
1,341
Contingent
liabilities^
—
—
—
Total
Liabilities
19,285,840
8,168,653
9,884,156
Net
Assets
Capital
stock
(beneficial
interest)
1,130,471,521
455,301,171
671,444,410
Distributable
earnings/(accumulated
loss)
(2,364,359)
95,475,263
121,541,320
Total
Net
Assets
$1,128,107,162
$550,776,434
$792,985,730
Shares
of
beneficial
interest
outstanding
116,214,475
46,565,182
69,700,359
Net
asset
value
per
share
$9.71
$11.83
$11.38
(#)
Includes
securities
on
loan
of
$16,420,829
$2,879,501
$7,727,463
(a)
Amount
presented
includes
U.S.
Dollar
cash
of
$1,128,228
and
foreign
currency
holdings
of
$6,646,008
(cost
$6,644,073).
(b)
Amount
presented
includes
U.S.
Dollar
cash
of
($999,735)
and
foreign
currency
holdings
of
$462,289
(cost
$462,447).
^
Contingent
liabilities
accrual. Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Core
Funds
Statement
of
Assets
and
Liabilities
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
51
As
of
October
31,
2021
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
Assets
Investments
in
unaffiliated
securities
at
cost
$906,952,878
$6,675,799,324
Investments
in
affiliated
securities
at
cost
$1,211,364
$—
Investments
in
unaffiliated
securities
at
value
(#)
1,154,927,100
6,675,710,760
Investments
in
affiliated
securities
at
value
1,211,364
—
Cash
—
27,900
Dividends
and
interest
receivable
1,307,431
2,583,277
Prepaid
expenses
2,895
9,346
Prepaid
trustee
fees
1,012
1,012
Total
Assets
1,157,449,802
6,678,332,295
Liabilities
Distributions
payable
—
676,758
Accrued
expenses
18,033
53,370
Payable
for:
Investments
purchased
—
90,424,158
Investments
purchased
on
a
delayed-delivery
basis
—
48,996,306
Administrative
service
fees
16,179
—
Director
deferred
compensation
1,330
2,436
Contingent
liabilities^
—
—
Total
Liabilities
35,542
140,153,028
Net
Assets
Capital
stock
(beneficial
interest)
743,320,201
6,539,249,911
Distributable
earnings/(accumulated
loss)
414,094,059
(1,070,644)
Total
Net
Assets
$1,157,414,260
$6,538,179,267
Shares
of
beneficial
interest
outstanding
77,243,722
653,729,428
Net
asset
value
per
share
$14.98
$10.00
(#)
Includes
securities
on
loan
of
$—
$—
^
Contingent
liabilities
accrual. Additional
information
can
be
found
in
the
accompanying
Notes
to
Financial
Statements.
Thrivent
Core
Funds
Statement
of
Operations
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
52
For
the
year
ended
October
31,
2021
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
International
Equity
Fund
Investment
Income
Dividends
$393,205
$16,385,687
$20,417,124
Interest
47,918,810
2,023
960
Affiliated
income
from
securities
loaned,
net
27,264
28,651
138,388
Income
from
affiliated
investments
58,554
6,475
2,410
Foreign
tax
withholding
—
(2,044,202)
(2,243,811)
Total
Investment
Income
48,397,833
14,378,634
18,315,071
Expenses
Administrative
service
fees
257,330
169,297
206,677
Amortization
of
offering
costs
—
1,976
—
Audit
and
legal
fees
34,570
62,442
44,781
Custody
fees
56,311
765,215
317,240
Insurance
expenses
7,036
5,118
6,152
Printing
and
postage
expenses
7,617
11,704
9,724
SEC
and
state
registration
expenses
—
—
1,937
Transfer
agent
fees
20,000
20,000
20,000
Directors'
fees
7,317
7,224
7,317
Pricing
service
fees
20,653
44,075
41,504
Other
expenses
12,597
26,196
15,474
Total
Expenses
Before
Reimbursement
423,431
1,113,247
670,806
Total
Net
Expenses
423,431
1,113,247
670,806
Net
Investment
Income/(Loss)
47,974,402
13,265,387
17,644,265
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
22,000,663
40,338,933
(a)
92,031,285
Affiliated
investments
(7,851)
—
—
Distributions
of
realized
capital
gains
from
affiliated
investments
317
92
978
Futures
contracts
—
(895,581)
3,467,460
Foreign
currency
transactions
—
(803,227)
(180,734)
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
(36,228,155)
27,548,812
153,536,817
Affiliated
investments
7,851
—
—
Futures
contracts
—
(330,083)
289,360
Foreign
currency
transactions
—
49,375
(83,224)
Foreign
capital
gain
tax
liability
—
(837,606)
—
Net
Realized
and
Unrealized
Gains/(Losses)
(14,227,175)
65,070,715
249,061,942
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$33,747,227
$78,336,102
$266,706,207
(a)
Includes
foreign
capital
gain
taxes
paid
of $2,072,234.
Thrivent
Core
Funds
Statement
of
Operations
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
53
For
the
year
ended
October
31,
2021
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
Investment
Income
Dividends
$22,084,366
$—
Interest
—
10,100,953
Affiliated
income
from
securities
loaned,
net
8,950
—
Income
from
affiliated
investments
2,765
—
Foreign
tax
withholding
(14,313)
—
Total
Investment
Income
22,081,768
10,100,953
Expenses
Administrative
service
fees
277,284
90,000
Audit
and
legal
fees
36,737
46,672
Custody
fees
48,545
63,435
Insurance
expenses
7,462
20,959
Printing
and
postage
expenses
8,220
7,005
Transfer
agent
fees
20,000
20,000
Directors'
fees
7,316
7,484
Pricing
service
fees
1,306
48,245
Other
expenses
11,628
11,465
Total
Expenses
Before
Reimbursement
418,498
315,265
Total
Net
Expenses
418,498
315,265
Net
Investment
Income/(Loss)
21,663,270
9,785,688
Realized
and
Unrealized
Gains/(Losses)
Net
realized
gains/(losses)
on:
Investments
166,272,373
(542,325)
Affiliated
investments
2,077
—
Distributions
of
realized
capital
gains
from
affiliated
investments
366
—
Change
in
net
unrealized
appreciation/(depreciation)
on:
Investments
145,738,242
(647,261)
Affiliated
investments
(2,077)
—
Net
Realized
and
Unrealized
Gains/(Losses)
312,010,981
(1,189,586)
Net
Increase/(Decrease)
in
Net
Assets
Resulting
From
Operations
$333,674,251
$8,596,102
Thrivent
Core
Funds
Statement
of
Changes
in
Net
Assets
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
54
Emerging
Markets
Debt
Fund
Emerging
Markets
Equity
Fund
For
the
periods
ended
10/31/2021
10/31/2020
10/31/2021
10/31/2020
(a)
Operations
Net
investment
income/(loss)
$47,974,402
$42,719,258
$13,265,387
$3,750,760
Net
realized
gains/(losses)
21,993,129
(11,472,951)
38,640,217
(7,462,562)
Change
in
net
unrealized
appreciation/(depreciation)
(36,220,304)
17,932,840
26,430,498
25,752,134
Net
Change
in
Net
Assets
Resulting
From
Operations
33,747,227
49,179,147
78,336,102
22,040,332
Distributions
to
Shareholders
From
net
investment
income/net
realized
gains
(47,899,803)
(42,753,567)
(4,409,076)
–
Total
Distributions
to
Shareholders
(47,899,803)
(42,753,567)
(4,409,076)
–
Capital
Stock
Transactions
Sold
107,389,510
111,666,162
40,000,000
456,500,000
Distributions
reinvested
47,899,803
42,753,567
4,409,076
–
In-kind
contributions
–
–
–
–
Redeemed
(11,225,000)
(12,305,000)
(46,000,000)
(100,000)
Total
Capital
Stock
Transactions
144,064,313
142,114,729
(1,590,924)
456,400,000
Net
Increase/(Decrease)
in
Net
Assets
129,911,737
148,540,309
72,336,102
478,440,332
Net
Assets,
Beginning
of
Period
998,195,425
849,655,116
478,440,332
–
Net
Assets,
End
of
Period
$1,128,107,162
$998,195,425
$550,776,434
$478,440,332
Capital
Stock
Share
Transactions
Sold
10,845,208
12,102,251
3,683,241
46,192,722
Distributions
reinvested
4,816,445
4,409,413
373,967
–
In-kind
contributions
–
–
–
–
Redeemed
(1,149,895)
(1,230,231)
(3,674,748)
(10,000)
Total
Capital
Stock
Share
Transactions
14,511,758
15,281,433
382,460
46,182,722
(a)
For
the
period
from
February
3,
2020
(commencement
date
of
operations
)
through
October
31,
2020.
Thrivent
Core
Funds
Statement
of
Changes
in
Net
Assets
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
55
International
Equity
Fund
Low
Volatility
Equity
Fund
Short-Term
Reserve
Fund
10/31/2021
10/31/2020
10/31/2021
10/31/2020
10/31/2021
10/31/2020
$17,644,265
$19,280,445
$21,663,270
$26,474,693
$9,785,688
$57,669,115
95,318,989
(59,576,605)
166,274,816
2,692,526
(542,325)
(444,411)
153,742,953
(36,836,457)
145,736,165
(32,952,563)
(647,261)
(437,142)
266,706,207
(77,132,617)
333,674,251
(3,785,344)
8,596,102
56,787,562
(19,950,771)
(32,400,474)
(32,373,378)
(53,118,700)
(9,785,688)
(57,706,133)
(19,950,771)
(32,400,474)
(32,373,378)
(53,118,700)
(9,785,688)
(57,706,133)
–
–
–
370,999,999
18,212,557,460
14,403,645,119
19,950,771
32,400,474
32,373,378
53,118,700
–
–
235,994,120
24,354,891
–
–
–
–
(448,700,000)
(39,000,000)
(572,000,000)
–
(16,395,605,721)
(15,565,252,701)
(192,755,109)
17,755,365
(539,626,622)
424,118,699
1,816,951,739
(1,161,607,582)
54,000,327
(91,777,726)
(238,325,749)
367,214,655
1,815,762,153
(1,162,526,153)
738,985,403
830,763,129
1,395,740,009
1,028,525,354
4,722,417,114
5,884,943,267
$792,985,730
$738,985,403
$1,157,414,260
$1,395,740,009
$6,538,179,267
$4,722,417,114
–
–
–
30,692,023
1,821,255,746
1,440,079,447
2,025,459
3,333,382
2,583,208
4,460,669
–
–
25,243,607
2,735,585
–
–
–
–
(45,041,990)
(4,422,723)
(45,523,459)
–
(1,639,560,572)
(1,556,436,235)
(17,772,924)
1,646,244
(42,940,251)
35,152,692
181,695,174
(116,356,788)
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2021
56
1) ORGANIZATION
Thrivent
Core
Funds
(the
“Trust”)
was
organized
as
a
Delaware
statutory
trust
on
March
18,
2016,
and
is
registered
as
an
open-end
management
investment
company
under
the
Investment
Company
Act
of
1940.
The
Trust
is
established
solely
for
investment
by
other
Thrivent
entities.
The
Trust
is
authorized
to
issue
an
unlimited
number
of
shares
of
beneficial
interest
with
a
par
value
(if
any)
as
the
Trust's
Board
of
Trustees
may
determine
from
time
to
time.
The
Trust
is
divided
into
five separate
series,
each
with
its
own
investment
objective
and
policies
(each,
a
"Fund"
and,
collectively,
the
"Funds").
The
five series
of
the
Trust
are
Thrivent
Core
Emerging
Markets
Debt
Fund
and
Thrivent
Core
Emerging
Markets
Equity
Fund,
which are
non-diversified,
and Thrivent
Core
International
Equity
Fund,
Thrivent
Core
Low
Volatility
Equity
Fund,
and
Thrivent
Core
Short-
Term
Reserve
Fund,
which
are diversified.
Thrivent
Core
Short-Term
Reserve Fund serves
as
a
cash
sweep
vehicle
for
Thrivent
Mutual
Funds,
Thrivent
Series
Fund,
Inc.,
and
Thrivent
Church
Loan
and
Income
Fund.
Thrivent
Core
Emerging
Markets
Equity
Fund
was
incepted
on
January
31,
2020
and
commenced
operations
on
February
3,
2020.
The
Funds
are
each an
investment
company
which
follows
the
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
Topic
946
–
Financial
Services
–
Investment
Companies.
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
with
vendors
and
others
that
provide
general
damage
clauses.
The
Trust's
maximum
exposure
under
these
contracts
is
unknown,
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust.
However,
based
on
experience,
the
Trust
expects
the
risk
of
loss
to
be
remote.
(2)
SIGNIFICANT
ACCOUNTING
POLICIES
Valuation
of
Investments
—Securities
traded
on
U.S.
or
foreign
securities
exchanges
or
included
in
a
national
market
system
are
valued
at
the
last
sale
price
on
the
principal
exchange
as
of
the
close
or
regular
trading
on
such
exchange
or
the
official
closing
price
of
the
national
market
system.
Over-the-counter
securities
and
listed
securities
for
which
no
price
is
readily
available
are
valued
at
the
current
bid
price
considered
best
to
represent
the
value
at
that
time.
Security
prices
are
based
on
quotes
that
are
obtained
from
an
independent
pricing
service
approved
by
the
Trust’s
Board
of
Trustees
(the
“Board”).
The
pricing
service,
in
determining
values
of
fixed-income
securities,
takes
into
consideration
such
factors
as
current
quotations
by
broker/dealers,
coupon,
maturity,
quality,
type
of
issue,
trading
characteristics,
and
other
yield
and
risk
factors
it
deems
relevant
in
determining
valuations.
Securities
which
cannot
be
valued
by
the
approved
pricing
service
are
valued
using
valuations
obtained
from
dealers
that
make
markets
in
the
securities.
Exchange-listed
options
and
future
contracts
are
valued
at
the
primary
exchange
settle
price.
Exchange
cleared
swap
agreements
are
valued
at
the
clearinghouse
end
of
day
price.
Swap
agreements
not
cleared
on
exchanges
will
be
valued
at
the
mid-price
from
the
primary
approved
pricing
service.
Forward
foreign
currency
exchange
contracts
are
marked-to-market
based
upon
foreign
currency
exchange
rates
provided
by
the
pricing
service. Investments
in
open-ended
mutual
funds
are
valued
at
the
net
asset
value
at
the
close
of
each
business
day.
The
Board
has
delegated
responsibility
for
daily
valuation
of
the
Funds'
securities
to
the
investment
adviser,
Thrivent
Asset
Management,
LLC
(the
"Adviser").
The
Adviser
has
formed
a
Valuation
Committee
(the
“Committee”)
that
is
responsible
for
overseeing
the
Funds'
valuation
policies
in
accordance
with
Valuation
Policies
and
Procedures.
The
Committee
meets
on
a
monthly
and
on
an
as-needed
basis
to
review
price
challenges,
price
overrides,
stale
prices,
shadow
prices,
manual
prices,
money
market
pricing,
international
fair
valuation,
and
other
securities
requiring
fair
valuation.
The
Committee
monitors
for
significant
events
occurring
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
that
could
have
a
material
impact
on
the
value
of
any
securities
that
are
held
by
the
Funds.
Examples
of
such
events
include
trading
halts,
national
news/events,
and
issuer-specific
developments.
If
the
Committee
decides
that
such
events
warrant
using
fair
value
estimates,
the
Committee
will
take
such
events
into
consideration
in
determining
the
fair
value
of
such
securities.
If
market
quotations
or
prices
are
not
readily
available
or
determined
to
be
unreliable,
the
securities
will
be
valued
at
fair
value
as
determined
in
good
faith
pursuant
to
procedures
adopted
by
the
Board.
In
accordance
with
U.S.
Generally
Accepted
Accounting
Principles
("GAAP"),
the
various
inputs
used
to
determine
the
fair
value
of
the
Funds'
investments
are
summarized
in
three
broad
levels. Level
1
includes
quoted
prices
in
active
markets
for
identical
securities,
typically
included
in
this
level
are
U.S.
equity
securities,
futures,
options
and
registered
investment
company
funds. Level
2
includes
other
significant
observable
inputs
such
as
quoted
prices
for
similar
securities,
interest
rates,
prepayment
speeds
and
credit
risk,
typically
included
in
this
level
are
fixed
income
securities,
international
securities,
swaps
and
forward
contracts. Level
3
includes
significant
unobservable
inputs
such
as
the
Adviser’s
own
assumptions
and
broker
evaluations
in
determining
the
fair
value
of
investments. The
valuation
levels
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
securities
or
other
investments.
Investments
measured
using
net
asset
value
per
share
as
a
practical
expedient
for
fair
value
and
that
are
not
publicly
available-for-sale
are
not
categorized
within
the
fair
value
hierarchy.
Valuation
of
International
Securities
—
The
Funds
value
certain
foreign
securities
traded
on
foreign
exchanges
that
close
prior
to
the
close of
the
New
York
Stock
Exchange
using
a
fair
value
pricing
service.
The
fair
value
pricing
service
uses
a
multi-factor
model
that
may
take
into
account
the
local
close,
relevant
general
and
sector
indices,
currency
fluctuation,
prices
of
other
securities
(including
ADRs,
New
York
registered
shares,
and
ETFs),
and
futures,
as
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2021
57
applicable,
to
determine
price
adjustments
for
each
security
in
order
to
reflect
the
effects
of
post-closing
events.
The
Board
has
authorized
the
Adviser
to
make
fair
valuation
determinations
pursuant
to
policies
approved
by
the
Board.
Foreign
Currency
Translation
—
The
accounting
records
of
each
Fund
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
that
are
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
daily
closing
rates
of
exchange.
Foreign
currency
amounts
related
to
the
purchase
or
sale
of
securities
and
income
and
expenses
are
translated
at
the
exchange
rate
on
the
transaction
date.
Net
realized
and
unrealized
currency
gains
and
losses
are
recorded
from
closed currency
contracts,
disposition
of foreign
currencies,
exchange
gains
or
losses
between
the
trade
date
and
settlement
date
on
securities
transactions,
and
other
translation
gains
or
losses
on
dividends,
interest
income
and
foreign
withholding
taxes.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statement
of
Operations.
For
federal
income
tax
purposes,
the
Funds
treat
the
effect
of
changes
in
foreign
exchange
rates
arising
from
actual
foreign
currency
transactions
and
the
changes
in
foreign
exchange
rates
between
the
trade
date
and
settlement
date
as
ordinary
income.
Federal
Income
Taxes
—
No
provision
has
been
made
for
income
taxes
because
each
Fund’s
policy
is
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code
and
distribute
substantially
all
investment
company
taxable
income
and
net
capital
gain
on
a
timely
basis.
It
is
also
the
intention
of
each
Fund
to
distribute
an
amount
sufficient
to
avoid
imposition
of
any
federal
excise
tax.
The
Funds,
accordingly,
anticipate
paying
no
federal
taxes
and
no
federal
tax
provision
was
recorded.
Each
Fund
is
treated
as
a
separate
taxable
entity
for
federal
income
tax
purposes.
Funds
may
utilize
earnings
and
profits
distributed
to
shareholders
on
the
redemption
of
shares
as
part
of
the
dividends
paid
deduction.
GAAP
requires
management
of
the Funds
(i.e.,
the
Adviser) to
make
additional
tax
disclosures
with
respect
to
the
tax
effects
of
certain
income
tax
positions,
whether
those
positions
were
taken
on
previously
filed
tax
returns
or
are
expected
to
be
taken
on
future
returns.
These
positions
must
meet
a
“more
likely
than
not”
standard
that,
based
on
the
technical
merits
of
the
position,
it
would
have
a
greater
than
50
percent
likelihood
of
being
sustained
upon
examination.
In
evaluating
whether
a
tax
position
has
met
the
more-
likely-than-not
recognition
threshold, the Adviser
must
presume
that
the
position
will
be
examined
by
the
appropriate
taxing
authority
that
has
full
knowledge
of
all
relevant
information.
The
Adviser
analyzed
all
open
tax
years,
as
defined
by
the
statute
of
limitations,
for
all
major
jurisdictions.
Open
tax
years
are
those
that
are
open
for
examination
by
taxing
authorities.
Major
jurisdictions
for
the Funds
include
U.S.
Federal,
and
certain
state
jurisdictions
as
well
as
certain
foreign
countries.
The Funds'
federal
income
tax
returns
are
subject
to
examination
for
a
period
of
three
years
after
the
filing
of
the
return
for
the
tax
period.
State
returns
may
be
subject
to
examination
for
an
additional
year
depending
on
the
jurisdiction.
The Funds
have
no
examinations
in
progress
and
none
are
expected
at
this
time.
As
of
October
31,
2021,
the Adviser
has
reviewed
all
open
tax
years
and
major
jurisdictions
and
concluded
that
there
is
no
effect
to each
Fund's
tax
liability,
financial
position
or
results
of
operations.
There
is
no
tax
liability
resulting
from
unrecognized
tax
benefits
related
to
uncertain
income
tax
positions
taken
or
expected
to
be
taken
in
future
tax
returns.
The Funds
also
are
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
significantly
change
in
the
next
12
months.
Foreign
Income
Taxes
—
Funds
are
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
they
invest.
Withholding
taxes
on
foreign
dividends
have
been
provided
for
in
accordance
with
the
applicable
country’s
tax
rules
and
rates.
These
amounts
are
shown
as
foreign
tax
withholding
on
the
Statement
of
Operations.
The
Funds
pay
tax
on
foreign
capital
gains,
where
applicable.
Taxes
paid
on
foreign
capital
gains,
if
any,
are
included
in
the
net
realized
gains/(losses)
on
investments
on
the
Statement
of
Operations.
Expenses
and
Income
—
Estimated
expenses
are
accrued
daily.
The
Funds
are
charged
for
those
expenses
that
are
directly
attributable
to
them.
Expenses
that
are
not
directly
attributable
to
a
Fund
are
allocated
among
all
appropriate
Funds
in
proportion
to
their
respective
net
assets,
number
of
shareholder
accounts
or
other
reasonable
basis.
Interest
income
is
recorded
daily
on
all
debt
securities,
as
is
accretion
of
market
discount
and
original
issue
discount
and
amortization
of
premium.
Paydown
gains
and
losses
on
mortgage-
backed
and
asset-backed
securities
are
recorded
as
components
of
interest
income.
Dividend
income
and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date.
However, certain
dividends
from
foreign securities
are
recorded
as
soon
as
the
information
is
available
to
the
Funds.
Non-cash
income,
if
any,
is
recorded
at
the
fair
market
value
of
the
securities
received.
Distributions
to
Shareholders
—
Net
investment
income
is
distributed
to
each
shareholder
as
a
dividend.
Dividends
from
Emerging
Markets
Debt
Fund
are
declared
and
distributed
monthly.
Dividends
from
Emerging
Markets
Equity
Fund,
International
Equity
Fund
and
Low
Volatility
Equity
Fund
are
declared
and
distributed
annually.
Dividends
from
Short-Term
Reserve
Fund
are
declared
daily
and
distributed
monthly.
Net
realized
gains
from
securities
transactions,
if
any,
are
distributed
at
least
annually
after
the
close
of
the
fiscal
year.
In
addition,
the
Funds
may
claim
a
portion
of
the
payment
to
redeeming
shareholders
as
a
distribution
for
income
tax
purposes.
Derivative
Financial
Instruments
— Certain
Funds
may
invest
in
derivatives,
a
category
that
includes
options,
futures,
swaps,
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2021
58
foreign
currency
forward
contracts
and
hybrid
instruments.
Derivatives
are
financial
instruments
whose
value
is
derived
from
another
security,
an
index
or
a
currency.
Each applicable
Fund
may
use
derivatives
for
hedging
(attempting
to
offset
a
potential
loss
in
one
position
by
establishing
an
interest
in
an
opposite
position).
This
includes
the
use
of
currency-based
derivatives to
manage
the
risk
of its
positions
in
foreign
securities.
Each applicable
Fund
may
also
use
derivatives
for
replication
of
a
certain
asset
class
or
speculation
(investing
for
potential
income
or
capital
gain).
These
contracts
may
be
transacted
on
an
exchange
or
over-the-counter
("OTC").
A
derivative
may
incur
a
mark
to
market
loss
if
the
value
of
the
derivative
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
derivative.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
derivative.
A
Fund’s
risk
of
loss
from
the
counterparty
credit
risk
on
OTC
derivatives
is
generally
limited
to
the
aggregate
unrealized
gain
netted
against
any
collateral
held
by
such
Fund.
With
exchange
traded
futures
and
centrally
cleared
swaps,
there
is
minimal
counterparty
credit
risk
to
the
Funds
because
the
exchange’s
clearinghouse,
as
counterparty
to
such
derivatives,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
derivative;
thus,
the
credit
risk
is
limited
to
the
failure
of
the
clearinghouse.
However,
credit
risk
still
exists
in
exchange
traded
futures
and
centrally
cleared
swaps
with
respect
to
initial
and
variation
margin
that
is
held
in
a
broker’s
customer
accounts.
While
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
broker
for
all
its
clients,
U.S.
bankruptcy
laws
will
typically
allocate
that
shortfall
on
a
pro-
rata
basis
across
all
the
broker’s
customers,
potentially
resulting
in
losses to
the
Funds.
Using
derivatives
to
hedge
can
guard
against
potential
risks,
but
it
also
adds
to
the
Funds'
expenses
and
can
eliminate
some
opportunities
for
gains.
In
addition,
a
derivative
used
for mitigating
exposure or
replication
may
not
accurately
track
the
value
of
the
underlying
asset.
Another
risk
with
derivatives
is
that
some
types
can
amplify
a
gain
or
loss,
potentially
earning
or
losing
substantially
more
money
than
the
actual
cost
of
the
derivative.
In
order
to
define
their
contractual
rights
and
to
secure
rights
that
will
help
the
Funds
mitigate
their
counterparty
risk,
the
Funds
may
enter
into
an
International
Swaps
and
Derivatives
Association,
Inc.
Master
Agreement
(“ISDA
Master
Agreement”)
or
similar
agreement
with
its
derivative
contract
counterparties.
An
ISDA
Master
Agreement
is
a
bilateral
agreement
between
a
Fund
and
a
counterparty
that
governs
OTC
derivatives
and
foreign
exchange
contracts
and
typically
includes,
among
other
things,
collateral
posting
terms
and
netting
provisions
in
the
event
of
a
default
and/
or
termination
event.
Under
an
ISDA
Master
Agreement,
each
Fund
may,
under
certain
circumstances,
offset
with
the
counterparty
certain
derivatives'
payables
and/or
receivables
with
collateral
held
and/or
posted
and
create
one
single
net
payment.
The
provisions
of
the
ISDA
Master
Agreement
typically
permit
a
single
net
payment
in
the
event
of
a
default
(close-out
netting)
including
the
bankruptcy
or
insolvency
of
the
counterparty.
Note,
however,
that
bankruptcy
and
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
the
right
of
offset
in
bankruptcy,
insolvency
or
other
events.
Collateral
and
margin
requirements
vary
by
type
of
derivative.
Margin
requirements
are
established
by
the
broker
or
clearinghouse
for
exchange
traded
and
centrally
cleared
derivatives
(futures,
options,
and
centrally
cleared
swaps).
Brokers
can
ask
for
margining
in
excess
of
the
minimum
requirements in
certain
situations.
Collateral
terms
are
contract
specific
for
OTC
derivatives
(foreign
currency
exchange
contracts,
options,
swaps).
For
derivatives
traded
under
an
ISDA
Master
Agreement,
the
collateral
requirements
are
typically
calculated
by
netting
the
mark
to
market
amount
for
each
transaction
under
such
agreement
and
comparing
that
amount
to
the
value
of
any
collateral
currently
pledged
by
the
Fund
and
the
counterparty.
For
financial
reporting
purposes,
non-cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Fund
has
been
noted
in
the
Schedule
of
Investments.
To
the
extent
amounts
due
to
the
Fund
from
its
counterparties
are
not
fully
collateralized,
contractually
or
otherwise,
the
Fund
bears
the
risk
of
loss
from
counterparty
nonperformance.
The
Funds
attempt
to
mitigate
counterparty
risk
by
only
entering
into
agreements
with
counterparties
that
they
believe
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Futures
Contracts
— Certain
Funds may
use
futures
contracts
to
manage
the
exposure
to
interest
rate
and
market
or
currency
fluctuations.
Gains
or
losses
on
futures
contracts
can
offset
changes
in
the
yield
of
securities.
When
a
futures
contract
is
opened,
cash
or
other
investments
equal
to
the
required
“initial
margin
deposit”
are
held
on
deposit
with
and
pledged
to
the
broker.
Additional
securities
held
by
the
Funds
may
be
earmarked
to
cover
open
futures
contracts.
The
futures
contract’s
daily
change
in
value
(“variation
margin”)
is
either
paid
to
or
received
from
the
broker,
and
is
recorded
as
an
unrealized
gain
or
loss.
When
the
contract
is
closed,
realized
gain
or
loss
is
recorded
equal
to
the
difference
between
the
value
of
the
contract
when
opened
and
the
value
of
the
contract
when
closed.
Futures
contracts
involve,
to
varying
degrees,
risk
of
loss
in
excess
of
the
variation
margin
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Exchange-traded
futures
have
no
significant
counterparty
risk
as
the
exchange
guarantees
the
contracts
against
default.
During
the
year ended October
31,
2021,
Core
Emerging
Markets
Equity
and
Core
International
Equity used
equity
futures
to
manage
exposure
to
the
equities
market.
For
financial
reporting
purposes,
the
Funds
do
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements
in
the
Statement
of
Assets
and
Liabilities.
The
amounts
presented
in
the
table
below
are
offset
first
by
financial
instruments
that
have
the
right
to
offset
under
master
netting
or
similar
arrangements,
then
any
remaining
amount
is
reduced
by
cash
and
non-cash
collateral
received/pledged.
The
actual
amounts
of
collateral
may
be
greater
than
the
amounts
presented
in
the
table.
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2021
59
The
following
table
presents
the
gross
and
net
information
about
liabilities
subject
to
master
netting
arrangements,
as
presented
in the
Statement
of
Assets
and
Liabilities:
Securities
Lending
—
The
Trust
has
entered
into
a
Securities
Lending
Agreement
(the
“Agreement”)
with
Goldman
Sachs
Bank
USA,
doing
business
as
Goldman
Sachs Agency
Lending ("GSAL").
The
Agreement
authorizes
GSAL
to
lend
securities
to
authorized
borrowers
on
behalf
of
the
Funds.
Pursuant
to
the
Agreement, loaned
securities
are
typically
initially
collateralized equal
to
at
least
102%
of
the
market
value
of
U.S.
securities
and
105% of
the
market
value
of non-U.S.
securities.
Daily
market
fluctuations
could
cause
the
value
of
loaned
securities
to
be
more
or
less
than
the
value
of
the
collateral
received.
Any
additional
collateral
is
adjusted
and
settled
on
the
next
business
day.
The
Trust
has
the
ability
to
recall
the
loans
at
any
time
and
could
do
so
in
order
to
vote
proxies
or
sell
the
loaned
securities.
All
cash
collateral
received
is
invested
in
Thrivent
Cash
Management
Trust.
The
Funds
receive dividends
and
interest
that would
have
been
earned
on
the
securities
loaned
while
simultaneously
seeking
to
earn
income
on
the
investment
of
cash
collateral.
Amounts
earned
on
investments
in
Thrivent
Cash
Management
Trust,
net
of
rebates,
fees
paid
to
GSAL
for
services
provided
and
any
other
securities
lending
expenses,
are
included
in
affiliated income
from
securities
loaned,
net on
the
Statement
of
Operations.
By
investing
any
cash
collateral
it
receives
in
these
transactions,
a
Fund
could
realize
additional
gains
or
losses.
If
the
borrower
fails
to
return
the
securities
or
the
invested
collateral
has
declined
in
value, a
Fund
could
lose
money.
Generally,
in
the
event
of
borrower
default, a Fund
has
the
right
to
use
the
collateral
to
offset
any
losses
incurred.
However,
in
the
event a
Fund
is
delayed
or
prevented
from
exercising
its
right
to
dispose
of
the
collateral,
there
may
be
a
potential
loss.
Some
of
these
losses
may
be
indemnified
by
the
lending
agent.
As
of
October
31,
2021,
the
value
of
securities
on
loan
is
as
follows:
When-Issued
and
Delayed-Delivery
Transactions
— The
Funds
may
purchase
or
sell
securities
on
a when-issued
or
delayed-delivery
basis.
These
transactions
involve
a
commitment
by the
Funds
to
purchase
or
sell
securities
for
a
predetermined
price
or
yield,
with
payment
and
delivery
taking
place
beyond
the
customary
settlement
period.
When
delayed-delivery
purchases
are
outstanding, the
Funds
will
designate
liquid
assets
in
an
amount
sufficient
to
meet
the
purchase
price.
When
purchasing
a
security
on
a
delayed-delivery
basis, the
Funds
assume
the
rights
and
risks
of
ownership
of
the
security,
including
the
risk
of
price
and
yield
fluctuations,
and
take
such
fluctuations
into
account
when
determining
its
net
asset
value. A
Fund
may
dispose
of
a
delayed-
delivery
transaction
after
it
is
entered
into,
and
may
sell
when-issued
securities
before
they
are
delivered,
which
may
result
in
a
capital
gain
or
loss.
When a Fund
has
sold a
security
on
a
delayed-delivery
basis, a
Fund
does
not
participate
in
future
gains
and
losses
with
respect
to
the
security.
Contingent
Liabilities
—
In
the
event
of
adversary
action
proceedings
where
a
Fund
is
a
defendant, a
loss
contingency
will
not
be
accrued
as
a
liability
until
the
amount
of
potential
damages
and
the
likelihood
of
loss
can
be
reasonably
estimated.
For
the year
ended
October
31,
2021,
no
contingent
liabilities
were
reported.
Accounting
Estimates
—
The
preparation
of
financial
statements
in
conformity
with
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
these
estimates.
Gross
Amounts
Not
Offset
in
the
Statement
of
Assets
and
Liabilities
Fund
Gross
Amounts
of
Recognized
Liabilities
Gross
Amounts
Offset
Net
Amounts
of
Recognized
Liabilities
Financial
Instruments
Cash
Collateral
Pledged
Non-Cash
Collateral
Pledged
(**)
Net
Amount
Emerging
Markets
Debt
Securities
Lending
17,237,683
–
17,237,683
16,420,829
–
–
816,854
(^)
Emerging
Markets
Equity
Securities
Lending
3,102,124
–
3,102,124
2,879,501
–
–
222,623
(^)
International
Equity
Securities
Lending
9,020,221
–
9,020,221
7,727,463
–
–
1,292,758
(^)
(**)
Excess
of
collateral
pledged
to
the
counterparty
may
not
be
shown
for
financial
reporting
purposes.
(^)
Net
securities
lending
amounts
represent
the
net
amount
payable
to
the
counterparty
in
the
event
of
a
default.
Fund
Securities
on
Loan
Emerging
Markets
Debt
$
16,420,829
Emerging
Markets
Equity
2,879,501
International
Equity
7,727,463
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2021
60
Amortization
of
Offering
Costs
— The
offering
costs
referenced
in
the
Statement
of
Operations
for Emerging
Markets Equity
Fund
are
costs
incurred
by
the
Fund
in
order
to
establish
it
for
sale.
These
costs
generally
include any
legal
costs
associated
with
registering
the
Fund.
These
costs
are
amortized
over
a
period
of
12
months
from
inception.
Recent
Accounting
Pronouncements
—
Reference
Rate
Reform
In
March
2020,
the
FASB
issued
Accounting
Standards
Update
("ASU")
No.
2020-04 Reference
Rate
Reform,
which
provides
optional
guidance
to
ease
the
potential
accounting
burden
associated
with
transitioning from
the
London
Interbank
Offered
Rate (" LIBOR")
and
other
reference
rates
expected
to
be
discontinued.
The
ASU
No.
2020-04 was
effective
immediately
upon
release
of
the
standard
on
March
12,
2020
and
can
be
applied
prospectively
through December
31,
2022.
At
this
time,
management
is
evaluating
implications
of
these
changes
on
the
financial
statement
disclosures.
Management
is
also
currently
actively
working
with
other
financial
institutions
and
counterparties
to
modify
contracts
as
required
by
applicable
regulation
and
within
the
regulatory
deadline.
In-kind Contributions
— During November
2020, the
Thrivent
Core
International
Equity
Fund received an
in-kind
contribution
which
consisted
of
$235,994,120
in
securities.
As
a
result
of
the
in-kind
contribution,
Thrivent
Core
International
Equity
Fund issued
shares
at
the
net
asset
value
per
share
on
the
date
of
contribution. The
in-kind
amounts
and
shares issued
are
included
in
the
Capital
Stock
Transactions
of
the
Statement
of
Changes
in
Net
Assets
for
Thrivent
Core
International
Equity
Fund.
These
in-kind
transactions
were
conducted
at
market
value.
The
transactions
were
as
follows:
Other
—
For
financial
statement
purposes,
investment
security
transactions
are
accounted
for
on
the
trade
date.
Realized
gains
or
losses
on
sales
are
determined
on
a
specific
cost
identification
basis,
which
is
the
same
basis
for
federal
income
tax
purposes.
(3)
FEES
AND
COMPENSATION
PAID
TO
AFFILIATES
Fees
—
The
Trust
has
entered
into
an
administration
and
accounting
services
agreement
with
the
Adviser
pursuant
to
which
the
Adviser
provides
certain
administrative
and
accounting
personnel
and
services.
The
Fund
pays
an
annual
fixed
fee
plus
percentage
of
net
assets
to the
Adviser.
These
fees
are
accrued
daily
and
paid
monthly.
For
the year
ended
October
31,
2021,
the
Adviser
received
aggregate
fees
for
administrative
and
accounting
personnel
and
services
of $1,000,588
from
the
Trust.
The
Trust
has
entered
into
an
agreement
with
Thrivent
Financial
Investor
Services
Inc.
("Thrivent
Investor
Services")
to
provide
transfer
agency
services
necessary
to
the
Trust.
These
fees
are
accrued
daily
and
paid
monthly.
For
the
year
ended,
October
31,
2021,
Thrivent
Investor
Services
received
$100,000 for
transfer
agent
services
from
the
Trust.
Each
Trustee
who
is
not
affiliated
with
the
Adviser
receives
an
annual
fee
from
the
Trust
for
services
as
a
Trustee
and
is
eligible
to
participate
in
a
deferred
compensation
plan
with
respect
to
these
fees.
Participants
in
the
plan
may
designate
their
deferred
Trustee’s
fees
as
if
invested
in
a
series
of
the
Thrivent
Mutual
Funds. Thrivent
Money
Market
Fund
is
not
eligible
for
the
deferral
plan.
The
value
of
each
participant's
deferred
compensation
account
will
increase
or
decrease
as
if
it
were
invested
in
shares
of
a
particular
series
of
Thrivent
Mutual
Funds. Each
participant's fees
as
well
as
the
change
in
value
are
included
in
Trustee
fees
in
the
Statement
of
Operations.
The
deferred
fees
remain
in
the
appropriate
Fund
until
distribution
in
accordance
with
the
plan.
The
Payable
for
trustee
deferred
compensation,
located
in
the
Statement
of
Assets
and
Liabilities,
is
unsecured.
Those
trustees
not
participating
in
the
above
plan
received
$35,566 in
fees
from
the
Trust
during
the
year
ended
October
31,
2021. In
addition,
the
Trust
reimbursed
unaffiliated
Trustees
for
reasonable
expenses
incurred
in
relation
to
attendance
at
the
meetings
and
industry
conferences.
Certain
officers
and
non-independent
Trustees
of
the
Trust
are
officers
and
directors
of
Thrivent
Asset
Mgt.,
Thrivent
Investor
Services
and
Thrivent
Distributors,
LLC.;
however
they
receive
no
compensation
from
the
Trust.
Affiliated
employees
and
board
consultants
are
reimbursed
for
reasonable
expenses
incurred
in
relation
to
board
meeting
attendance.
Contributing
Fund/Portfolio
Contribution
Date
Shares
Issued
Net
Asset
Value
per
Share
In-kind
Amount
Balanced
Income Plus
Fund
11/17/2020
4,246,615
9.52
$40,427,772
Balanced
Income
Plus
Portfolio
11/20/2020
5,303,097
9.52
$50,485,480
Diversified
Income
Plus
Fund
11/13/2020
6,932,812
9.33
$64,683,133
Diversified
Income
Plus
Portfolio
11/10/2020
5,386,122
9.27
$49,929,355
Moderate
Allocation
Portfolio
11/6/2020
2,269,577
9.09
$20,630,460
Moderately
Aggressive
Allocation
Fund
11/5/2020
1,105,384
8.90
$9,837,920
Totals
25,243,607
$235,994,120
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2021
61
Acquired
Fund
Fees
and Expenses
—
The Funds
may
invest
in
other
mutual
funds.
Fees
and
expenses
of
those
underlying
funds
are
not
included
in
the
Funds'
expense
ratio.
The Funds
indirectly
bear
their proportionate
share
of
the
annualized
weighted
average
expense
ratio
for
the
underlying
funds
in
which
it
invests.
Interfund
Lending
—
The
Funds
may
participate
in
an
interfund
lending
program
(the
"Program")
pursuant
to
an
exemptive
order
issued
by
the
SEC.
The
Program
permits the
Funds
to borrow
cash
for
temporary
purposes
from
Thrivent
Core
Short-Term
Reserve
Fund.
Interest
is
charged
to
each
participating
Fund
based
on
its
borrowings
at
the
average
of
the
repo
rate
and
bank
loan
rate,
each
as
defined
in
the
Program.
Each
borrowing
made
under
the
Program
matures
no
later
than
seven
calendar
days
after
the
date
of
the
borrowing,
and
each
borrowing
must
be
securitized
by
a
pledge
of
segregated
collateral
with
a
market
value
at
least
equal
to
102%
of
the
outstanding
principal
value
of
the
loan.
For
the year
ended
October
31,
2021,
no
Funds
borrowed
cash
through
the
interfund
lending
program.
(4)
FEDERAL
INCOME
TAX
INFORMATION
Distributions
are
based
on
amounts
calculated
in
accordance
with
the
applicable
federal
income
tax
regulations,
which
may
differ
from
GAAP.
The
differences
between
book-basis
and
tax-basis
distributable
earnings
are
primarily
attributable
to
timing
differences
in
recognizing
certain
gains
and
losses
on
investment transactions,
such
as
wash
sales
and
treatment
of
passive foreign
investments
companies.
At
the
end
of
the
fiscal
year,
reclassifications
between
net
asset
accounts
are
made
for
differences
that
are
permanent
in
nature.
These
permanent
differences
primarily
relate
to
the
tax
treatment
of passive
foreign
investment
companies and
utilization
of
earnings
and
profits
distributed
to
shareholders
on
redemption
of
shares.
On
the Statement
of
Assets
and
Liabilities,
as
a
result
of
permanent
book-to-tax
differences,
reclassification
adjustments
were
made
as
follows
[Increase/(Decrease)]:
At
October
31,
2021,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
(a)
Undistributed
Ordinary
Income
includes
income
derived
from
Short-
Term
Capital
Gains.
At
October
31,
2021,
the
following
Funds
had
accumulated
net capital
loss
carryovers
as
follows:
To
the
extent
these
Funds
realize
future
net
capital
gains,
taxable
distributions
will
be
reduced
by
any
unused
capital
loss
carryovers
as
permitted
by
the
Internal
Revenue
Code.
During
the
fiscal
year
2021,
capital
loss
carryovers
utilized
by
the
Funds
were
as
follows:
The
tax
character
of
distributions
paid
during
the
years
ended October
31,
2021
and 2020
was
as
follows:
(a)
Ordinary
income
includes
income
derived
from
short-term
capital
gains.
Portfolio
Distributable
earnings/
(accumulated
loss)
Capital
Stock
Emerging
Markets
Equity
$(498,024)
$498,024
Low
Volatility
Equity
(14,000,000)
14,000,000
Fund
Undistributed
Ordinary
Income
a
Undistributed
Long-Term
Capital
Gain
Emerging
Markets
Debt
$51,810
$
–
Emerging
Markets
Equity
28,558,108
19,953,173
International
Equity
24,951,781
–
Low
Volatility
Equity
44,228,880
126,662,990
Short-Term
Reserve
34,850
–
Fund
Capital
Loss
Carryover
Emerging
Markets
Debt
$
14,661,296
International
Equity
28,079,614
Short-Term
Reserve
1,000,558
Fund
Capital
Loss
Carryover
Emerging
Markets
Debt
21,981,807
Emerging
Markets
Equity
652,404
International
Equity
94,276,872
Short-Term
Reserve
14,466
Ordinary
Income
(a)
Long-Term
Capital
Gain
Fund
10/31/2021
10/31/2020
10/31/2021
10/31/2020
Emerging
Markets
Debt
$47,899,803
$42,672,396
$–
$–
Emerging
Markets
Equity
4,409,076
–
–
–
International
Equity
19,950,771
32,400,474
–
–
Low
Volatility
Equity
27,304,328
31,633,978
5,069,050
21,481,722
Short-Term
Reserve
9,785,688
57,706,133
–
–
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2021
62
(5)
SECURITY
TRANSACTIONS
(5)
SECURITY
TRANSACTIONS
Purchases
and
Sales
of
Investment
Securities
—
For
the
year
ended
October
31,
2021,
the
cost
of
purchases
and
the
proceeds
from
sales
of
investment
securities,
other
than
U.S.
Government
and
short-term
securities,
were
as
follows:
Purchases
and
sales
of
U.S.
Government
securities
were:
(6)
SECURITY
TRANSACTIONS
WITH
AFFILIATED
FUNDS
The
Funds
are
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
Funds,
or
affiliated
portfolios under
specified
conditions
outlined
in
procedures
adopted
by
the
Board.
The
procedures
have
been
designed
to
ensure
that
any
purchase
or
sale
of
securities
by
a
Fund
from
or
to
another
fund
or
portfolio
that
is
or
could
be
considered
an
affiliate
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
advisers),
common
Trustees
and/or
common
officers
complies
with
Rule
17a-7
of
the
1940
Act.
Further,
as
defined
under
the
procedures,
each
transaction
is
executed
at
the
current
market
price.
During the year
ended October
31,
2021,
no
Funds
engaged
in
these
types
of
transactions.
(7)
RELATED
PARTY
TRANSACTIONS
As
of
October
31,
2021,
related
parties
held
100%
of
the outstanding
shares
of
all
Thrivent
Core
Funds.
Subscription
and
redemption
activity
by
concentrated
accounts
may
have
a
significant
effect
on
the
operation
of
the
Funds.
In
the
case
of
a
large
redemption,
the
Funds
may
be
forced
to
sell
investments
at
inopportune
times,
resulting
in
additional
losses
for
the
Funds.
(8)
SUBSEQUENT
EVENTS
The
Adviser of
the Funds
has
evaluated
the
impact
of
subsequent
events
through the
date
the
financial
statements
were
issued,
and,
except
as
already
included
in
the
Notes
to
Financial
Statements,
has
determined
that
no
additional
items
require
disclosure.
(9) MARKET
RISK
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline.
The
value
of
a
Fund's
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund's
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
due
to
impacts
from
the
spread
of
infectious
illness,
public
health
threats,
or
similar
issues.
As
of October
31,
2021,
the
following
Funds
had
portfolio
concentration
greater
than
25%
in
certain
sectors.
(10)
SIGNIFICANT
RISKS
Investing
in
the
Funds
involves
risks.
The
following
is
an
alphabetical
list
of
significant
risks
in
investing
in
the
Funds.
The
risks
applicable
to
each
Fund
are
listed
in
the
Portfolio
Perspectives
section
above.
Credit
Risk
—
Credit
risk
is
the
risk
that
an
issuer
of
a
debt
security
to
which
the
Fund
is
exposed
may
no
longer
be
able
or
willing
to
pay
its
debt.
As
a
result
of
such
an
event,
the
debt
security
may
decline
in
price
and
affect
the
value
of
the
Fund.
Cybersecurity
Risk
—
The
Funds
and
their
service
providers
may
be
susceptible
to
operational,
information
security,
and
related
risks.
In
general,
cyber
incidents
can
result
from
deliberate
attacks
or
unintentional
events.
Cyber-attacks
include,
but
are
not
limited
to,
gaining
unauthorized
access
to
digital
systems
to
misappropriate
assets
or
sensitive
information,
corrupt
data,
or
otherwise
disrupt
operations.
Cyber
incidents
affecting
the
Adviser
or
other
service
providers
(including,
but
not
limited
to,
fund
accountants,
custodians,
and
transfer
agents)
have
the
ability
to
disrupt
and
impact
business
operations,
potentially
resulting
in
financial
losses,
by
interfering
with
the
Funds’
ability
to
calculate
their
NAV,
corrupting
data
or
preventing
parties
from
sharing
information
necessary
for
the
Funds’
operation,
preventing
or
slowing
trades,
stopping
shareholders
from
making
transactions,
potentially
subjecting
the
Funds
or
the
Adviser
to
regulatory
fines
and
penalties,
and
creating
additional
compliance
costs.
Similar
types
of
cyber
security
risks
are
also
present
for
issuers
or
securities
in
which
the
Funds
may
invest,
which
could
result
in
material
adverse
consequences
for
such
issuers
and
may
cause
the
Funds’
investments
in
such
companies
to
lose
value.
While
the
Funds’
service
providers
have
established
business
continuity
plans
in
the
event
of
such
cyber
incidents,
there
are
inherent
limitations
in
such
plans
and
systems.
Additionally,
the
Funds
cannot
control
the
cybersecurity
plans
and
systems
put
in
place
by
its
service
providers
or
any
other
third
parties
whose
operations
may
affect
the
Funds
or
their
shareholders.
Although
In
thousands
Fund
Purchases
Sales/
Paydowns
Emerging
Markets
Debt
$738,560
$572,813
Emerging
Markets
Equity
527,063
529,116
International
Equity
797,770
1,225,541
Low
Volatility
Equity
959,355
1,509,313
Short-Term
Reserve
1,316,334
1,174,134
In
thousands
Fund
Purchases
Sales/
Paydowns
Short-Term
Reserve
$128,016
$295,442
Fund
Sector
%
of
Total
Net
Assets
Emerging
Markets
Debt
Foreign
Government
78.3%
Low
Volatility
Equity
Information
Technology
27.0%
Short-Term
Reserve
Financials
37.7%
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2021
63
each
Fund
attempts
to
minimize
such
failures
through
controls
and
oversight,
it
is
not
possible
to
identify
all
of
the
operation
risks
that
may
affect
a
Fund
or
to
develop
processes
and
controls
that
completely
eliminate
or
mitigate
the
occurrence
of
such
failures
or
other
disruptions
in
service.
The
value
of
an
investment
in
a
Fund’s
shares
may
be
adversely
affected
by
the
occurrence
of
the
operational
errors
or
failures
or
technological
issues
or
other
similar
events
and
a
Fund
and
its
shareholders
may
bear
costs
tied
to
these
risks.
Derivatives
Risk
—
The
use
of
derivatives
(such
as
futures,
options,
credit
default
swaps,
and
total
return
swaps)
involves
additional
risks
and
transaction
costs
which
could
leave
a
Fund
in
a
worse
position
than
if
it
had
not
used
these
instruments.
Changes
in
the
value
of
the
derivative
may
not
correlate
as
intended
with
the
underlying
asset,
rate
or
index,
and
a
Fund
could
lose
much
more
than
the
original
amount
invested.
Derivatives
can
be
highly
volatile,
illiquid
and
difficult
to
value.
Derivatives
are
also
subject
to
the
risk
that
the
other
party
in
the
transaction
will
not
fulfill
its
contractual
obligations.
Some
derivatives
may
give
rise
to
a
form
of
economic
leverage,
and
may
expose
the
Fund
to
greater
risk
and
increase
its
costs.
Such
leverage
may
cause
the
Fund
to
liquidate
portfolio
positions
when
it
may
not
be
advantageous
to
do
so
to
satisfy
its
obligations
or
to
meet
any
required
asset
segregation
requirements.
Increases
and
decreases
in
the
value
of
the
Fund’s
portfolio
will
be
magnified
when
the
Fund
uses
leverage.
Futures
contracts,
options
on
futures
contracts,
forward
contracts,
and
options
on
derivatives
can
allow
the
Fund
to
obtain
large
investment
exposures
in
return
for
meeting
relatively
small
margin
requirements.
As
a
result,
investments
in
those
transactions
may
be
highly
leveraged.
The
success
of
a
Fund’s
derivatives
strategies
will
depend
on
the
Adviser’s
ability
to
assess
and
predict
the
impact
of
market
or
economic
developments
on
the
underlying
asset,
index
or
rate
and
the
derivative
itself,
without
the
benefit
of
observing
the
performance
of
the
derivative
under
all
possible
market
conditions.
Swap
agreements
may
involve
fees,
commissions
or
other
costs
that
may
reduce
a
Fund’s
gains
from
a
swap
agreement
or
may
cause
a
Fund
to
lose
money.
Futures
contracts
are
subject
to
the
risk
that
an
exchange
may
impose
price
fluctuation
limits,
which
may
make
it
difficult
or
impossible
for
a
Fund
to
close
out
a
position
when
desired.
Emerging
Markets
Risk
—
The
risks
and
volatility
of
investing
in
foreign
securities
is
increased
in
connection
with
investments
in
emerging
markets.
The
economic,
political
and
market
structures
of
developing
countries
in
emerging
markets,
in
most
cases,
are
not
as
strong
as
the
structures
in
the
U.S.
or
other
developed
countries
in
terms
of
wealth,
stability,
liquidity
and
transparency.
A
Fund
may
not
achieve
its
investment
objective
and
portfolio
performance
will
likely
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in,
or
with
revenue
exposures
to,
countries
in
the
midst
of,
among
other
things,
hyperinflation,
currency
devaluation,
trade
disagreements,
sudden
political
upheaval
or
interventionist
government
policies,
and
the
risks
of
such
events
are
heightened
within
emerging
market
countries.
Fund
performance
may
also
be
negatively
affected
by
portfolio
exposure
to
countries
and
corporations
domiciled
in,
or
with
revenue
exposures
to,
countries
with
less
developed
or
unreliable
legal,
tax,
regulatory,
accounting,
recordkeeping
and
corporate
governance
systems
and
standards.
In
particular,
there
may
be
less
publicly
available
and
transparent
information
about
issuers
in
emerging
markets
than
would
be
available
about
issuers
in
more
developed
capital
markets
because
such
issuers
may
not
be
subject
to
accounting,
auditing
and
financial
reporting
standards
and
requirements
comparable
to
those
to
which
U.S.
companies
are
subject.
Emerging
markets
may
also
have
differing
legal
systems,
many
of
which
provide
fewer
security
holder
rights
and
practical
remedies
to
pursue
claims
than
are
available
for
securities
of
companies
in
the
U.S.
or
other
developed
countries,
including
class
actions
or
fraud
claims.
Significant
buying
or
selling
actions
by
a
few
major
investors
may
also
heighten
the
volatility
of
emerging
market
securities.
Equity
Security
Risk
—
Equity
securities
held
by
the
Fund
may
decline
significantly
in
price,
sometimes
rapidly
or
unpredictably,
over
short
or
extended
periods
of
time,
and
such
declines
may
occur
because
of
declines
in
the
equity
market
as
a
whole,
or
because
of
declines
in
only
a
particular
country,
company,
industry,
or
sector
of
the
market.
From
time
to
time,
the
Fund
may
invest
a
significant
portion
of
its
assets
in
companies
in
one
or
more
related
sectors
or
industries
which
would
make
the
Fund
more
vulnerable
to
adverse
developments
affecting
such
sectors
or
industries.
Equity
securities
are
generally
more
volatile
than
most
debt
securities.
ETF
Risk
—
An
ETF
is
subject
to
the
risks
of
the
underlying
investments
that
it
holds.
In
addition,
for
index-based
ETFs,
the
performance
of
an
ETF
may
diverge
from
the
performance
of
such
index
(commonly
known
as
tracking
error).
ETFs
are
subject
to
fees
and
expenses
(like
management
fees
and
operating
expenses)
that
do
not
apply
to
an
index,
and
the
Fund
will
indirectly
bear
its
proportionate
share
of
any
such
fees
and
expenses
paid
by
the
ETFs
in
which
it
invests.
Because
ETFs
trade
on
an
exchange,
there
is
a
risk
that
an
ETF
will
trade
at
a
discount
to
net
asset
value
or
that
investors
will
fail
to
bring
the
trading
price
in
line
with
the
underlying
shares
(known
as
the
arbitrage
mechanism).
Financial
Sector
Risk
—
To
the
extent
that
the
financials
sector
continues
to
represent
a
significant
portion
of
the
Fund,
the
Fund
will
be
sensitive
to
changes
in,
and
its
performance
may
depend
to
a
greater
extent
on,
factors
impacting
this
sector.
Performance
of
companies
in
the
financials
sector
may
be
adversely
impacted
by
many
factors,
including,
among
others,
government
regulations,
economic
conditions,
credit
rating
downgrades,
changes
in
interest
rates,
and
decreased
liquidity
in
credit
markets.
The
impact
of
more
stringent
capital
requirements,
recent
or
future
regulation
of
any
individual
financial
company
or
recent
or
future
regulation
of
the
financials
sector
as
a
whole
cannot
be
predicted.
In
recent
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2021
64
years,
cyber
attacks
and
technology
malfunctions
and
failures
have
become
increasingly
frequent
in
this
sector
and
have
caused
significant
losses.
Foreign
Currency
Risk
—
The
value
of
a
foreign
currency
may
decline
against
the
U.S.
dollar,
which
would
reduce
the
dollar
value
of
securities
denominated
in
that
currency.
The
overall
impact
of
such
a
decline
of
foreign
currency
can
be
significant,
unpredictable,
and
long
lasting,
depending
on
the
currencies
represented,
how
each
one
appreciates
or
depreciates
in
relation
to
the
U.S.
dollar,
and
whether
currency
positions
are
hedged.
Under
normal
conditions,
the
Fund
does
not
engage
in
extensive
foreign
currency
hedging
programs.
Further,
exchange
rate
movements
are
volatile,
and
it
is
not
possible
to
effectively
hedge
the
currency
risks
of
many
developing
countries.
Foreign
Securities
Risk
—
Foreign
securities
generally
carry
more
risk
and
are
more
volatile
than
their
domestic
counterparts,
in
part
because
of
potential
for
higher
political
and
economic
risks,
lack
of
reliable
information
and
fluctuations
in
currency
exchange
rates
where
investments
are
denominated
in
currencies
other
than
the
U.S.
dollar.
Certain
events
in
foreign
markets
may
adversely
affect
foreign
and
domestic
issuers,
including
interruptions
in
the
global
supply
chain,
market
closures,
war,
terrorism,
natural
disasters
and
outbreak
of
infectious
diseases.
The
Fund’s
investment
in
any
country
could
be
subject
to
governmental
actions
such
as
capital
or
currency
controls,
nationalizing
a
company
or
industry,
expropriating
assets,
or
imposing
punitive
taxes
that
would
have
an
adverse
effect
on
security
prices,
and
impair
the
Fund’s
ability
to
repatriate
capital
or
income.
Foreign
securities
may
also
be
more
difficult
to
resell
than
comparable
U.S.
securities
because
the
markets
for
foreign
securities
are
often
less
liquid.
Even
when
a
foreign
security
increases
in
price
in
its
local
currency,
the
appreciation
may
be
diluted
by
adverse
changes
in
exchange
rates
when
the
security’s
value
is
converted
to
U.S.
dollars.
Foreign
withholding
taxes
also
may
apply
and
errors
and
delays
may
occur
in
the
settlement
process
for
foreign
securities.
Government
Securities
Risk
—
The
Fund
invests
in
securities
issued
or
guaranteed
by
the
U.S.
government
or
its
agencies
and
instrumentalities
(such
as
Federal
Home
Loan
Bank,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
securities).
Securities
issued
or
guaranteed
by
Federal
Home
Loan
Banks,
Ginnie
Mae,
Fannie
Mae
or
Freddie
Mac
are
not
issued
directly
by
the
U.S.
government.
Ginnie
Mae
is
a
wholly
owned
U.S.
corporation
that
is
authorized
to
guarantee,
with
the
full
faith
and
credit
of
the
U.S.
government,
the
timely
payment
of
principal
and
interest
of
its
securities.
By
contrast,
securities
issued
or
guaranteed
by
U.S.
government-
related
organizations
such
as
Federal
Home
Loan
Banks,
Fannie
Mae
and
Freddie
Mac
are
not
backed
by
the
full
faith
and
credit
of
the
U.S.
government.
No
assurance
can
be
given
that
the
U.S.
government
would
provide
financial
support
to
its
agencies
and
instrumentalities
if
not
required
to
do
so
by
law.
In
addition,
the
value
of
U.S.
Government
securities
may
be
affected
by
changes
in
the
credit
rating
of
the
U.S.
government.
Health
Crisis
Risk
—
The
global
pandemic
outbreak
of
the
novel
coronavirus
known
as
COVID-19
has
resulted
in
substantial
market
volatility
and
global
business
disruption.
The
COVID-19
outbreak
and
future
pandemics
could
affect
the
global
economy
and
markets
in
ways
that
cannot
be
foreseen
and
may
exacerbate
other
types
of
risks,
negatively
impacting
the
value
of
Fund
investments.
High
Yield
Risk
—
High
yield
securities
–
commonly
known
as
“junk
bonds”
–
to
which
the
Fund
is
exposed
are
considered
predominantly
speculative
with
respect
to
the
issuer’s
continuing
ability
to
make
principal
and
interest
payments.
If
the
issuer
of
the
security
is
in
default
with
respect
to
interest
or
principal
payments,
the
value
of
the
Fund
may
be
negatively
affected.
High
yield
securities
generally
have
a
less
liquid
resale
market.
Interest
Rate
Risk
—
Interest
rate
risk
is
the
risk
that
prices
of
debt
securities
decline
in
value
when
interest
rates
rise
for
debt
securities
that
pay
a
fixed
rate
of
interest.
Debt
securities
with
longer
durations
(a
measure
of
price
sensitivity
of
a
bond
or
bond
fund
to
changes
in
interest
rates)
or
maturities
(i.e.,
the
amount
of
time
until
a
bond’s
issuer
must
pay
its
principal
or
face
value)
tend
to
be
more
sensitive
to
changes
in
interest
rates
than
debt
securities
with
shorter
durations
or
maturities.
Changes
by
the
Federal
Reserve
to
monetary
policies
could
affect
interest
rates
and
the
value
of
some
securities.
Investment
Adviser
Risk
—
The
Fund
is
actively
managed
and
the
success
of
its
investment
strategy
depends
significantly
on
the
skills
of
the
Adviser
in
assessing
the
potential
of
the
investments
in
which
the
Fund
invests.
This
assessment
of
investments
may
prove
incorrect,
resulting
in
losses
or
poor
performance,
even
in
rising
markets.
There
is
also
no
guarantee
that
the
Adviser
will
be
able
to
effectively
implement
the
Fund’s
investment
objective.
Issuer
Risk
—
Issuer
risk
is
the
possibility
that
factors
specific
to
an
issuer
to
which
the
Fund
is
exposed
will
affect
the
market
prices
of
the
issuer’s
securities
and
therefore
the
value
of
the
Fund.
Large
Cap
Risk
—
Large-sized
companies
may
be
unable
to
respond
quickly
to
new
competitive
challenges
such
as
changes
in
technology.
They
may
also
not
be
able
to
attain
the
high
growth
rate
of
successful
smaller
companies,
especially
during
extended
periods
of
economic
expansion.
Large
Shareholder
Risk
—
From
time
to
time,
shareholders
of
a
Fund
(which
may
include
institutional
investors
and
affiliated
Funds)
may
make
relatively
large
redemptions
or
purchases
of
shares.
These
transactions
may
cause
a
Fund
to
sell
securities
at
disadvantageous
prices
or
invest
additional
cash,
as
the
case
may
be.
While
it
is
impossible
to
predict
the
overall
impact
of
these
transactions
over
time,
there
could
be
adverse
effects
on
a
Fund’s
performance
to
the
extent
that
a
Fund
may
be
required
to
sell
securities
or
invest
cash
at
times
when
it
would
not
otherwise
do
so.
Redemptions
of
a
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2021
65
large
number
of
shares
also
may
increase
transaction
costs
or
have
adverse
tax
consequences
for
shareholders
of
the
Fund
by
requiring
a
sale
of
portfolio
securities.
In
addition,
a
large
redemption
could
result
in
a
Fund's
current
expenses
being
allocated
over
a
smaller
asset
base,
leading
to
an
increase
in
the
Fund's
expense
ratio.
LIBOR
Risk
—
The
Fund
may
be
exposed
to
financial
instruments
that
are
tied
to
LIBOR
(London
Interbank
Offered
Rate)
to
determine
payment
obligations,
financing
terms
or
investment
value.
Such
financial
instruments
may
include
bank
loans,
derivatives,
floating
rate
securities,
certain
asset
backed
securities,
and
other
assets
or
liabilities
tied
to
LIBOR.
In
2017,
the
head
of
the
U.K.
Financial
Conduct
Authority
announced
a
desire
to
phase
out
the
use
of
LIBOR
by
the
end
of
2021.
On
November
30,
2020,
the
administrator
of
LIBOR
announced
its
intention
to
delay
the
phase
out
of
the
majority
of
the
U.S.
dollar
LIBOR
publications
until
June
30,
2023,
with
the
remainder
of
LIBOR
publications
to
discontinue
at
the
end
of
2021.
There
remains
uncertainty
regarding
the
future
utilization
of
LIBOR
and
the
nature
of
any
replacement
rate,
and
any
potential
effects
of
the
transition
away
from
LIBOR
on
the
Fund
or
its
investments
are
not
known.
Liquidity
Risk
—
Liquidity
is
the
ability
to
sell
a
security
relatively
quickly
for
a
price
that
most
closely
reflects
the
actual
value
of
the
security.
Dealer
inventories
of
bonds
are
at
or
near
historic
lows
in
relation
to
market
size,
which
has
the
potential
to
decrease
liquidity
and
increase
price
volatility
in
the
fixed
income
markets,
particularly
during
periods
of
economic
or
market
stress.
As
a
result
of
this
decreased
liquidity,
the
Fund
may
have
to
accept
a
lower
price
to
sell
a
security,
sell
other
securities
to
raise
cash,
or
give
up
an
investment
opportunity,
any
of
which
could
have
a
negative
effect
on
performance.
Market
Risk
—
Over
time,
securities
markets
generally
tend
to
move
in
cycles
with
periods
when
security
prices
rise
and
periods
when
security
prices
decline.
The
value
of
the
Fund’s
investments
may
move
with
these
cycles
and,
in
some
instances,
increase
or
decrease
more
than
the
applicable
market(s)
as
measured
by
the
Fund’s
benchmark
index(es).
The
securities
markets
may
also
decline
because
of
factors
that
affect
a
particular
industry
or
market
sector,
or
due
to
impacts
from
domestic
or
global
events,
including
the
spread
of
infectious
illness,
public
health
threats,
war,
terrorism,
natural
disasters
or
similar
events.
Mid
Cap
Risk
—
Medium-sized
companies
often
have
greater
price
volatility,
lower
trading
volume,
and
less
liquidity
than
larger,
more-established
companies.
These
companies
tend
to
have
smaller
revenues,
narrower
product
lines,
less
management
depth
and
experience,
smaller
shares
of
their
product
or
service
markets,
fewer
financial
resources,
and
less
competitive
strength
than
larger
companies.
Mortgage-Backed
and
Other
Asset-Backed
Securities
Risk
—
The
value
of
mortgage-backed
and
asset-backed
securities
will
be
influenced
by
the
factors
affecting
the
housing
market
and
the
assets
underlying
such
securities.
As
a
result,
during
periods
of
declining
asset
value,
difficult
or
frozen
credit
markets,
swings
in
interest
rates,
or
deteriorating
economic
conditions,
mortgage-
related
and
asset-backed
securities
may
decline
in
value,
face
valuation
difficulties,
become
more
volatile
and/or
become
illiquid.
In
addition,
both
mortgage-backed
and
asset-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
security.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
or
slower
than
the
holder
of
the
asset-backed
or
mortgage-
backed
security
anticipates,
the
price
of
the
security
may
fall,
particularly
if
the
holder
must
reinvest
the
repaid
principal
at
lower
rates
or
must
continue
to
hold
the
security
when
interest
rates
rise.
This
effect
may
cause
the
value
of
the
Fund
to
decline
and
reduce
the
overall
return
of
the
Fund.
Non-Diversified
Risk
—
The
Fund
is
not
“diversified”
within
the
meaning
of
the
1940
Act.
That
means
the
Fund
may
invest
a
greater
percentage
of
its
assets
in
the
securities
of
any
single
issuer
compared
to
other
funds.
A
non-diversified
portfolio
is
generally
more
susceptible
than
a
diversified
portfolio
to
the
risk
that
events
or
developments
affecting
a
particular
issuer
or
industry
will
significantly
affect
the
Fund’s
performance.
Portfolio
Turnover
Rate
Risk
—
The
Fund
may
engage
in
active
and
frequent
trading
of
portfolio
securities
in
implementing
its
principal
investment
strategies.
A
high
rate
of
portfolio
turnover
(100%
or
more)
involves
correspondingly
greater
expenses
which
are
borne
by
the
Fund
and
its
shareholders
and
may
also
result
in
short-term
capital
gains
taxable
to
shareholders.
Prepayment
Risk
—
Mortgage-backed
and
asset-backed
securities
are
sensitive
to
changes
in
the
repayment
patterns
of
the
underlying
securities,
including
the
conversion,
prepayment
or
redemption
of
the
investments.
If
the
principal
payment
on
the
underlying
asset
is
repaid
faster
than
the
holder
of
the
mortgage-
backed
or
asset-backed
security
anticipates,
the
price
of
the
security
may
fall,
especially
if
the
holder
must
reinvest
the
repaid
principal
at
lower
rates.
When
people
start
prepaying
the
principal
on
the
collateral
underlying
a
collateralized
mortgage
obligation
(“CMOs”)
(such
as
mortgages
underlying
a
CMO),
for
example,
some
classes
may
retire
substantially
earlier
than
the
stated
maturity
or
final
distribution
dates.
Quantitative
Investing
Risk
—
Securities
selected
according
to
a
quantitative
analysis
methodology
can
perform
differently
from
the
market
as
a
whole
based
on
the
model
and
the
factors
used
in
the
analysis,
the
weight
placed
on
each
factor
and
changes
in
the
factor’s
historical
trends.
Such
models
are
based
on
assumptions
of
these
and
other
market
factors,
and
the
models
may
not
take
into
account
certain
factors,
or
perform
as
intended,
and
may
result
in
a
decline
in
the
value
of
the
Fund’s
portfolio.
Redemption
and
Lending
Risk
—
The
Fund
participates
in
an
interfund
lending
program
(the
“Program”)
which
enables
a
participating
fund
to
lend
cash
directly
to
and
borrow
money
from
other
participating
funds
for
temporary
purposes.
The
other
participants
in
the
Program
are
other
mutual
funds
advised
by
the
Adviser
and
its
affiliates.
Under
the
Program,
all
loans
will
be
made
by
the
Fund.
There
is
risk
that
a
borrowing
fund
could
be
Thrivent
Core
Funds
Notes
to
Financial
Statements
October
31,
2021
66
unable
to
repay
a
loan
when
due,
and
a
delay
in
repayment
to
the
Fund
could
result
in
a
lost
opportunity
and
increase
risk
of
the
Fund
experiencing
a
loss
when
meeting
redemption
requests
if
it
is
forced
to
sell
securities
at
unfavorable
prices
in
an
effort
to
generate
sufficient
cash
to
pay
redeeming
shareholders.
Redemption
and
Share
Ownership
Risk
—
The
Fund
may
need
to
sell
portfolio
securities
to
meet
redemption
requests.
The
Fund
could
experience
a
loss
when
selling
portfolio
securities
to
meet
redemption
requests
if
there
is
(i)
significant
redemption
activity
by
shareholders,
including,
for
example,
when
a
single
investor
or
few
large
investors
make
a
significant
redemption
of
Fund
shares,
(ii)
a
disruption
in
the
normal
operation
of
the
markets
in
which
the
Fund
buys
and
sells
portfolio
securities
or
(iii)
the
inability
of
the
Fund
to
sell
portfolio
securities
because
such
securities
are
illiquid.
In
such
events,
the
Fund
could
be
forced
to
sell
securities
at
unfavorable
prices
in
an
effort
to
generate
sufficient
cash
to
pay
redeeming
shareholders.
A
majority
of
the
Fund’s
shares
may
be
held
by
other
mutual
funds
advised
by
the
Adviser
and
its
affiliates.
It
also
is
possible
that
some
or
all
of
these
other
mutual
funds
will
decide
to
purchase
or
redeem
shares
of
the
Fund
simultaneously
or
within
a
short
period
of
time
of
one
another
in
order
to
execute
their
asset
allocation
strategies.
Accordingly,
there
is
a
risk
that
the
share
trading
activities
of
these
shareholders
could
disrupt
the
Fund’s
investment
strategies
which
could
have
adverse
consequences
for
the
Fund
and
other
shareholders
(e.g.,
by
requiring
the
Fund
to
sell
investments
at
inopportune
times
or
causing
the
Fund
to
maintain
larger-than-expected
cash
positions
pending
acquisition
of
investments).
Regional
Risk
—
The
Fund
will
generally
have
more
exposure
to
the
specific
regional
or
country
economic
risks
where
it
has
significant
investments.
In
the
event
of
economic
or
political
turmoil
or
a
deterioration
of
diplomatic
relations
in
a
region
or
country
where
a
substantial
portion
of
the
Fund’s
assets
are
invested,
the
Fund
may
experience
substantial
volatility,
illiquidity
or
reduction
in
the
value
of
the
Fund’s
investments.
Regulatory
Risk
—
Legal,
tax,
and
regulatory
developments
may
adversely
affect
the
Fund.
Securities
and
futures
markets
are
subject
to
comprehensive
statutes,
regulations,
and
margin
requirements
enforced
by
the
SEC,
other
regulators
and
self-regulatory
organizations,
and
exchanges
authorized
to
take
extraordinary
actions
in
the
event
of
market
emergencies.
The
regulatory
environment
for
the
Fund
is
evolving,
and
changes
in
the
regulation
of
investment
funds,
managers,
and
their
trading
activities
and
capital
markets,
or
a
regulator’s
disagreement
with
the
Fund’s
interpretation
of
the
application
of
certain
regulations,
may
adversely
affect
the
ability
of
a
Fund
to
pursue
its
investment
strategy,
its
ability
to
obtain
leverage
and
financing,
and
the
value
of
investments
held
by
the
Fund.
Small
Cap
Risk
—
Smaller,
less
seasoned
companies
often
have
greater
price
volatility,
lower
trading
volume,
and
less
liquidity
than
larger,
more
established
companies.
These
companies
tend
to
have
small
revenues,
narrower
product
lines,
less
management
depth
and
experience,
small
shares
of
their
product
or
service
markets,
fewer
financial
resources,
and
less
competitive
strength
than
larger
companies.
Such
companies
seldom
pay
significant
dividends
that
could
soften
the
impact
of
a
falling
market
on
returns.
Sovereign
Debt
Risk
—
Sovereign
debt
securities
are
issued
or
guaranteed
by
foreign
governmental
entities.
These
investments
are
subject
to
the
risk
that
a
governmental
entity
may
delay
or
refuse
to
pay
interest
or
repay
principal
on
its
sovereign
debt,
due,
for
example,
to
cash
flow
problems,
insufficient
foreign
currency
reserves,
political
considerations,
the
relative
size
of
the
governmental
entity’s
debt
position
in
relation
to
the
economy
or
the
failure
to
put
in
place
economic
reforms
required
by
the
International
Monetary
Fund
or
other
multilateral
agencies.
If
a
governmental
entity
defaults,
it
may
ask
for
more
time
in
which
to
pay
or
for
further
loans.
There
is
no
legal
process
for
collecting
sovereign
debts
that
a
government
does
not
pay
nor
are
there
bankruptcy
proceedings
through
which
all
or
part
of
the
sovereign
debt
that
a
governmental
entity
has
not
repaid
may
be
collected.
Technology-Oriented
Companies
Risk
—
Common
stocks
of
companies
that
rely
extensively
on
technology,
science
or
communications
in
their
product
development
or
operations
may
be
more
volatile
than
the
overall
stock
market
and
may
or
may
not
move
in
tandem
with
the
overall
stock
market.
Technology,
science
and
communications
are
rapidly
changing
fields,
and
stocks
of
these
companies,
especially
of
smaller
or
unseasoned
companies,
may
be
subject
to
more
abrupt
or
erratic
market
movements
than
the
stock
market
in
general.
There
are
significant
competitive
pressures
among
technology-oriented
companies
and
the
products
or
operations
of
such
companies
may
become
obsolete
quickly.
In
addition,
these
companies
may
have
limited
product
lines,
markets
or
financial
resources
and
the
management
of
such
companies
may
be
more
dependent
upon
one
or
a
few
key
people.
Thrivent
Core
Funds
Financial
Highlights
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
68
Per
Share
Outstanding
Throughout
Each
Period
*
Income
From
Investment
Operations
Less
Distributions
From
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income/(Loss)
Net
Realized
and
Unrealized
Gain/(Loss)
on
Investments
(a)
Total
from
Investment
Operations
Net
Investment
Income
Net
Realized
Gain
on
Investments
EMERGING
MARKETS
DEBT
FUND
Year
Ended
10/31/2021
$
9.81
$
0.43
$
(0.10)
$
0.33
$
(0.43)
$
–
Year
Ended
10/31/2020
9.83
0.45
(0.02)
0.43
(0.45)
–
Year
Ended
10/31/2019
9.04
0.44
0.79
1.23
(0.44)
–
Year
Ended
10/31/2018
9.86
0.40
(0.82)
(0.42)
(0.40)
–
Year
Ended
10/31/2017
(c)
10.00
0.05
(0.14)
(0.09)
(0.05)
–
EMERGING
MARKETS
EQUITY
FUND
Year
Ended
10/31/2021
10.36
0.28
1.28
1.56
(0.09)
–
Year
Ended
10/31/2020
(d)
10.00
0.08
0.28
0.36
–
–
INTERNATIONAL
EQUITY
FUND
Year
Ended
10/31/2021
8.45
0.24
2.92
3.16
(0.23)
–
Year
Ended
10/31/2020
9.68
0.22
(1.07)
(0.85)
(0.38)
–
Year
Ended
10/31/2019
9.28
0.33
0.37
0.70
(0.30)
–
Year
Ended
10/31/2018
(e)
10.00
0.31
(1.02)
(0.71)
(0.01)
–
LOW
VOLATILITY
EQUITY
FUND
Year
Ended
10/31/2021
11.61
0.26
3.39
3.65
(0.23)
(0.05)
Year
Ended
10/31/2020
12.10
0.23
(0.10)
0.13
(0.24)
(0.38)
Year
Ended
10/31/2019
10.54
0.24
1.72
1.96
(0.17)
(0.23)
Year
Ended
10/31/2018
(f)
10.00
0.13
0.41
0.54
–
–
SHORT-TERM
RESERVE
FUND
Year
Ended
10/31/2021
10.00
0.02
0.00
0.02
(0.02)
–
Year
Ended
10/31/2020
10.00
0.12
0.00
0.12
(0.12)
0.00
Year
Ended
10/31/2019
10.00
0.26
0.00
0.26
(0.26)
–
Year
Ended
10/31/2018
10.00
0.20
0.00
0.20
(0.20)
0.00
Year
Ended
10/31/2017
10.00
0.11
0.00
0.11
(0.11)
–
(a)
The
amount
shown
may
not
correlate
with
the
change
in
aggregate
gains
and
losses
of
portfolio
securities
due
to
the
timing
of
sales
and
redemptions
of
portfolio
shares.
(b)
Total
return
assumes
dividend
reinvestment
and
does
not
reflect
any
deduction
for
applicable
sales
charges.
Not
annualized
for
periods
less
than
one
year.
(c)
Since
inception,
September
5,
2017.
(d)
Since
commencement
date
of
operations,
February
3
,
2020.
(e)
Since
inception,
November
14,
2017.
(f)
Since
inception,
February
28,
2018.
*
All
per
share
amounts
have
been
rounded
to
the
nearest
cent.
**
Computed
on
an
annualized
basis
for
periods
less
than
one
year.
Thrivent
Core
Funds
Financial
Highlights
–
continued
The
accompanying
Notes
to
Financial
Statements
are
an
integral
part
of
this
statement.
69
Ratios/Supplemental
Data
Ratio
to
Average
Net
Assets**
Ratio
to
Average
Net
Assets
Before
Expenses
Waived,
Credited
or
Acquired
Fund
Fees
and
Expenses**
Total
Distributions
Net
Asset
Value,
End
of
Period
Total
Return
(b)
Net
Assets,
End
of
Period
(in
millions)
Expenses
Net
Investment
Income/
(Loss)
Expenses
Net
Investment
Income/(Loss)
*
**
Portfolio
Turnover
Rate
$
(0.43)
$
9.71
3.38%
$
1,128.1
0.04%
4.35%
0.04%
4.35%
55%
(0.45)
9.81
4.49%
998.2
0.04%
4.61%
0.04%
4.61%
36%
(0.44)
9.83
13.84%
849.7
0.04%
4.63%
0.04%
4.63%
32%
(0.40)
9.04
(4.35)%
684.2
0.06%
4.38%
0.06%
4.38%
13%
(0.05)
9.86
(0.94)%
421.8
0.21%
3.48%
0.21%
3.48%
0%
(0.09)
11.83
15.05%
550.8
0.19%
2.27%
0.19%
2.27%
93%
–
10.36
3.60%
478.4
0.34%
2.35%
0.34%
2.35%
59%
(0.23)
11.38
37.77%
793.0
0.08%
2.19%
0.08%
2.19%
102%
(0.38)
8.45
(9.32)%
739.0
0.06%
2.50%
0.06%
2.50%
71%
(0.30)
9.68
7.99%
830.8
0.06%
3.54%
0.06%
3.54%
89%
(0.01)
9.28
(7.08)%
798.2
0.08%
3.42%
0.08%
3.42%
73%
(0.28)
14.98
31.84%
1,157.4
0.03%
1.78%
0.03%
1.78%
80%
(0.62)
11.61
0.98%
1,395.7
0.04%
2.02%
0.04%
2.02%
71%
(0.40)
12.10
19.42%
1,028.5
0.04%
2.19%
0.04%
2.19%
62%
–
10.54
5.40%
873.7
0.06%
1.88%
0.06%
1.88%
40%
(0.02)
10.00
0.17%
6,538.2
0.01%
0.17%
0.01%
0.17%
91%
(0.12)
10.00
1.23%
4,722.4
0.01%
1.26%
0.01%
1.26%
162%
(0.26)
10.00
2.59%
5,884.9
0.01%
2.55%
0.01%
2.55%
135%
(0.20)
10.00
2.01%
4,854.5
0.01%
1.99%
0.01%
1.99%
213%
(0.11)
10.00
1.12%
4,988.2
0.01%
1.11%
0.01%
1.11%
143%
70
Additional
Information
(Unaudited)
PROXY
VOTING
The
policies
and
procedures
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
are
attached
to
the
Trust’s
Statement
of
Additional
Information.
The
Trust
files
a
report
of
how
it
voted
proxies
relating
to
portfolio
securities
on
Form
N-PX
with
the
SEC.
You
may
request
a
free
copy
of
the
Statement
of
Additional
Information
or
the
report
of
how
the
Trust
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
by
calling
800-847-4836.
You
also
may
review
the
Statement
of
Additional
Information
or
the
report
of
how
the
Trust
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
at
SEC.gov.
QUARTERLY
SCHEDULE
OF
PORTFOLIO
HOLDINGS
Through
April
2019,
the
Trust
filed
its
Schedule
of
Investments
on
Form
N-Q
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year.
Since
April
2019,
the
Trust
no
longer
files
Form
N-Q
and
files
Form
N-PORT
with
the
SEC.
Part
F
of
each
Fund’s
N-PORT
filing
for
the
first
and
third
fiscal
quarters
will
include
the
complete
schedule
of
investments,
which
were
previously
filed
on
Form
N-Q.
The
Trust’s
most
recent
Schedule
of
Investments
can
be
found
at
SEC.gov.
SHAREHOLDER
NOTIFICATION
OF
FEDERAL
TAX
INFORMATION
Pursuant
to
IRC
852(b)(3)
of
the
Internal
Revenue
Code,
Core
Emerging
Markets
Equity
and
Core
Low
Volatility
Equity
Fund
hereby
designate
$204,753
and
$15,077,186
respectively,
as
long-term
capital
gains
distributed
during
the
year
ended
October
31,
2021,
or
if
subsequently
determined
to
be
different,
the
net
capital
gain
of
such
year.
Core
Emerging
Markets
Equity
Fund
designates
60%
of
dividends
declared
from
net
investment
income
as
qualified
dividend
income
for
individuals
under
the
Jobs
and
Growth
Tax
Relief
Reconciliation
Act
of
2003
for
the
tax
period
ending
October
31,
2021.
Core
Low
Volatility
Equity
Fund
designates
68%
of
dividends
declared
from
net
investment
income
as
dividends
qualifying
for
the
70%
dividends
received
deduction
for
corporations
and
71%
as
qualified
dividend
income
for
individuals
under
the
Jobs
and
Growth
Tax
Relief
Reconciliation
Act
of
2003
for
the
tax
period
ending
October
31,
2021.
Core
International
Equity
Fund
designates
87%
of
dividends
declared
from
net
investment
income
as
qualified
dividend
income
for
individuals
under
the
Jobs
and
Growth
Tax
Relief
Reconciliation
Act
of
2003
for
the
tax
period
ending
October
31,
2021.
71
Board
of
Trustees
and
Officers
The
following
table
provides
information
about
the
Trustees
and
Officers
of
the
Trust.
The
Board
is
responsible
for
the
management
and
supervision
of
the
Funds’
business
affairs
and
for
exercising
all
powers
except
those
reserved
to
the
shareholders.
Each
Trustee
oversees
each
of
five
series
of
the
Trust
and
also
serves
as:
Trustee
of
Thrivent
Mutual
Funds,
a
registered
investment
company
consisting
of
25
funds
that
offer
Class
A
and
Class
S
shares.
Director
of
Thrivent
Series
Fund,
Inc.,
a
registered
investment
company
consisting
of
32
funds
that
serve
as
underlying
funds
for
variable
contracts
issued
by
Thrivent
Financial
and
separate
accounts
of
insurance
companies
not
affiliated
with
Thrivent
Financial.
Trustee
of
Thrivent
Cash
Management
Trust,
a
registered
investment
company
consisting
of
one
fund
that
serves
as
a
cash
collateral
fund
for
a
securities
lending
program
sponsored
by
Thrivent
Financial.
David
Royal
and
Michael
Kremenak
also
serve
as
Trustees
of
Thrivent
Church
Loan
and
Income
Fund,
a
closed-end
registered
investment
company
for
which
the
Adviser
serves
as
investment
adviser.
None
of
the
other
Trustees
serves
on
the
board
of
Thrivent
Church
Loan
and
Income
Fund.
The
Statement
of
Additional
Information
includes
additional
information
about
the
Trustees
and
is
available,
without
charge,
by
calling
800-847-
4836.
Interested
Trustees
(1)
(2)
(3)
(4)
Name
(Year
of
Birth)
Year
Elected
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
David
S.
Royal
(1971)
2016
Executive
Vice
President,
Chief
Investment
Officer,
Thrivent
Financial
since
2017;
President,
Mutual
Funds,
Thrivent
Financial
since
2015;
Vice
President,
Thrivent
Financial
from
2015
to
2017.
Currently,
Director
of
Thrivent
Trust
Company,
Advisory
Board
Member
of
Twin
Bridge
Capital
Partners;
Member
of
Supervisory
Committee
of
Thrivent
Federal
Credit
Union,
and
Director
of
YMCA
of
the
North;
Director
of
Children's
Cancer
Research
Fund
until
2019;
Director
of
Fairview
Hospital
Foundation
until
2017.
Michael
W.
Kremenak
(1978)
2021
Senior
Vice
President
and
Head
of
Mutual
Funds,
Thrivent
Financial
since
2020;
Vice
President,
Thrivent
Financial
from
2015
to
2020.
Director
of
People
Serving
People
from
2014
to
2020.
Independent
Trustees
(2)
(3)
(4)
(5)
Name
(Year
of
Birth)
Year
Elected
Principal
Occupation(s)
and
Directorships
of
Public
Companies
and
Other
Investment
Companies
During
the
Past
Five
Years
Janice
B.
Case
(1952)
2016
Retired.
Independent
Trustee
of
North
American
Electric
Reliability
Corporation
from
2008
to
2020.
Robert
J.
Chersi
(1961)
2017
Founder
of
Chersi
Services
LLC
(consulting
firm)
since
2014.
Director
and
member
of
the
Audit
and
Risk
Oversight
Committees
of
E*TRADE
Financial
Corporation
and
Director
of
E*TRADE
Bank
from
2019
to
2020;
Lead
Independent
Director
since
2019
and
Director
and
Audit
Committee
Chair
at
BrightSphere
Investment
Group
plc
since
2016.
Marc
S.
Joseph
(1960)
2016
Managing
Director
of
Granite
Ridge
LLP
(consulting
and
advisory
firm)
since
2009;
Managing
Director
of
Triangle
Crest
(private
investing
and
consulting
firm)
since
2004.
Paul
R.
Laubscher
(1956)
2016
Portfolio
Manager
for
U.S.
private
real
estate
and
private
equity
portfolios
of
IBM
Retirement
Funds.
James
A.
Nussle
(1960)
2016
President
and
Chief
Executive
Officer
of
Credit
Union
National
Association
since
September
2014;
Director
of
Portfolio
Recovery
Associates
(PRAA)
since
2010;
CEO
of
The
Nussle
Group
LLC
(consulting
firm)
since
2009.
Verne
O.
Sedlacek
(1954)
2017
Chief
Executive
Officer
of
E&F
Advisors
LLC
(consulting)
since
2015.
Chairman
of
the
Board
of
Directors
of
AGB
Institutional
Strategies
from
2016
to
2019.
Constance
L.
Souders
(1950)
2016
Retired.
72
Board
of
Trustees
and
Officers
Executive
Officers
(2)
(4)
Name
(Year
of
Birth)
Position
Held
With
Trust
Principal
Occupation(s)
During
the
Past
Five
Years
David
S.
Royal
(1971)
Trustee,
President
and
Chief
Investment
Officer
Executive
Vice
President,
Chief
Investment
Officer,
Thrivent
Financial
since
2017;
President,
Mutual
Funds,
Thrivent
Financial
since
2015;
Vice
President,
Thrivent
Financial
from
2015
to
2017.
Michael
W.
Kremenak
(1978)
Trustee
and
Senior
Vice
President
Senior
Vice
President
and
Head
of
Mutual
Funds,
Thrivent
Financial
since
2020;
Vice
President,
Thrivent
Financial
from
2015
to
2020.
Gerard
V.
Vaillancourt
(1967)
Treasurer
and
Principal
Accounting
Officer
Vice
President
and
Mutual
Funds
Chief
Financial
Officer,
Thrivent
Financial
since
2017;
Vice
President,
Mutual
Fund
Accounting,
Thrivent
Financial
from
2006
to
2017.
Edward
S.
Dryden
(1965)
Chief
Compliance
Officer
Vice
President,
Chief
Compliance
Officer
-
Thrivent
Funds,
Thrivent
Financial
since
2018;
Director,
Chief
Compliance
Officer
-
Thrivent
Funds,
Thrivent
Financial
from
2010
to
2018.
John
D.
Jackson
(1977)
Secretary
and
Chief
Legal
Officer
Senior
Counsel,
Thrivent
Financial
since
2017;
Associate
General
Counsel,
RBC
Global
Asset
Management
(US)
Inc.
from
2011
to
2017.
Kathleen
M.
Koelling
(1977)
Privacy
Officer
(6)
Vice
President,
Deputy
General
Counsel,
Thrivent
Financial
since
2018;
Privacy
Officer,
Thrivent
Financial
since
2011;
Anti-Money
Laundering
Officer,
Thrivent
Financial
from
2011
to
2019;
Vice
President,
Managing
Counsel,
Thrivent
Financial
from
2016
to
2018;
Senior
Counsel,
Thrivent
Financial
from
2002
to
2016.
Sharon
K.
Minta
(1973)
Anti-Money
Laundering
Officer
(6)
Director,
Compliance
and
Anti-Money
Laundering
Officer
of
the
Financial
Crimes
Unit,
Thrivent
Financial
since
2019;
Compliance
Manager
of
the
Financial
Crimes
Unit,
Thrivent
Financial
from
2014
to
2019.
Troy
A.
Beaver
(1967)
Vice
President
Vice
President,
Mutual
Funds
Marketing
&
Distribution,
Thrivent
Financial
since
2015.
Monica
L.
Kleve
(1969)
Vice
President
Vice
President,
Investment
Operations,
Thrivent
Financial
since
2019;
Director,
Investments
Systems
and
Solutions,
Thrivent
Financial
from
2002
to
2019.
Kathryn
A.
Stelter
(1962)
Vice
President
Vice
President,
Operations
Development,
Thrivent
Financial
since
2021;
Vice
President,
Mutual
Funds
Chief
Operations
Officer,
Thrivent
Financial
since
2017;
Director,
Mutual
Fund
Operations,
Thrivent
Financial
from
2014
to
2017.
Jill
M.
Forte
(1974)
Assistant
Secretary
Senior
Counsel,
Thrivent
Financial
since
2017;
Counsel,
Thrivent
Financial
from
2015
to
2017.
Sarah
L.
Bergstrom
(1977)
Assistant
Treasurer
Head
of
Mutual
Fund
Accounting,
Thrivent
Financial
since
2017;
Director,
Fund
Accounting
Administration,
Thrivent
Financial
from
2007
to
2017.
(1)
“Interested
person”
of
the
Trust
as
defined
in
the
1940
Act
by
virtue
of
a
position
with
Thrivent
Financial.
Mr.
Royal
and
Mr.
Kremenak
are
considered
interested
persons
because
of
their
principal
occupations
with
Thrivent
Financial.
(2)
Each
Trustee
generally
serves
an
indefinite
term
until
her
or
his
successor
is
duly
elected
and
qualified.
Officers
serve
at
the
discretion
of
the
Board
until
their
successors
are
duly
appointed
and
qualified.
(3)
Each
Trustee,
other
than
Mr.
Royal
and
Mr.
Kremenak
,
oversees
63
portfolios.
Mr. Royal
and
Mr.
Kremenak
oversee
64
portfolios.
(4)
The
address
for
each
Trustee
and
Officer
unless
otherwise
noted
is
901
Marquette
Avenue,
Suite
2500,
Minneapolis,
MN
55402-3211.
(5)
The
Trustees,
other
than
Mr.
Royal
and
Mr.
Kremenak
,
are
not
“interested
persons”
of
the
Trust
and
are
referred
to
as
“Independent
Trustees.”
(6)
The
address
for
this
Officer
is
4321
North
Ballard
Road,
Appleton,
WI
54913.
This
report
is
submitted
for
the
information
of
shareholders
of
Thrivent
Core
Funds.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
the
current
prospectus
for
Thrivent
Core
Funds,
which
contains
more
complete
information
about
the
Trust,
including
investment
objectives,
risks,
charges
and
expenses.